Cash-based social security programs to come under Fintech

Internet money transfer.

Sangsad Bhaban, June 1 - The government has planned to bring the payments of all cash-based social security programmes under the electronic fund transfer system from the coming fiscal year.

“In addition to changes in the number of beneficiaries and allowances, we have introduced a more targeted, transparent, and accountable approach to the social security programmes by implementing the Government-to-Person (G2P) method,” Finance Minister AHM Mustafa Kamal said while placing the proposed budget for the fiscal year 2023-2024 in Parliament on Thursday.

Under this approach, the finance minister said, already in 22 out of 25 cash-based programmes each beneficiary is receiving monthly allowances directly into their preferred bank account or mobile account through Electronic Funds Transfer (EFT) on a specified date.

“In the next FY the remaining cash-based programmes will be brought under G2P,” he said, adding that now over 80 percent cash-based social security programmes are being implemented through G2P. - UNB