Bank Alfalah launches country’s first digital agri financing product

KARACHI: Bank Alfalah has announced the launch of Pakistan’s First Digital Agriculture Financing product and initially made Rs 100 million disbursement for the procurement of animals.

First Digital Agriculture Financing product is an initiative aimed at empowering small-scale farmers and entrepreneurs in the country’s Agriculture sector. This innovative product allows customers to avail dairy and equipment financing through a seamless digital process, marking a significant milestone in Pakistan’s financial landscape.

Digital Agriculture Finance is part of the Bank Alfalah’s commitment to revive economic growth and foster financial inclusion in Pakistan. The launch of this product comes as part of the Revive and Rise initiative, which aims to provide potential farming citizens with access to subsidized financing, at a rate of 2 percent, enabling them to establish sustainable income streams and contribute to the nation’s economic development.

The beneficiaries of this initiative include individuals from various distantly scaled areas, especially flood-affected areas of Sindh, representing both genders and diverse segments of the Agricultural community.

Female participation in this endeavor is significant, accounting for 24 percent of the total customers. As all proceeds have been dedicated to ‘Dairy Financing,’ it showcases the focused effort to uplift small-scale farmers in Pakistan and encourage sustainable Agricultural practices.

Muhammad Yahya Khan, Chief Digital Officer Bank Alfalah has said the introduction of Pakistan’s First Digital Agriculture Financing product signifies our dedication to empowering the agriculture sector and promoting financial inclusion in Pakistan. “We are committed to ensuring that small-scale farmers always have access to financial services,” he added.

Copyright Business Recorder, 2024