Social Security Payout

Social
Security Payout

Overview

Co-opBank, in collaboration with People's Credit Funds (PCFs), implements social welfare benefit payout services. This initiative supports regulatory authorities and local governments in disbursing welfare allowances to the right PCF members and the public, ensuring timely, secure, and transparent delivery.
Utilizing the Co-opBank banking system and the PCF network, this service drives the gradual transition from cash-based payments to account-based transfers, fully aligning with the digital transformation directives of the Government and the Banking Industry.

Co-opBank partners with PCFs to deliver tailored payout solutions that suit local realities and the specific needs of different social welfare beneficiary groups, including:

Disbursing social welfare allowances directly into beneficiaries’ current accounts opened at Co-opBank.
Executing collection and disbursement services based on payroll lists provided by competent authorities.
Supporting the opening and management of current accounts for PCF members and eligible welfare beneficiaries.
Providing digital banking channels to enable beneficiaries to track, manage, and utilize their allowance funds conveniently.