Bank Alfalah unveils nation's first digital agri financing solution
Bank Alfalah, a prominent commercial and digital bank in Pakistan, has introduced the country's inaugural digital agriculture financing product, aimed at empowering small-scale farmers and entrepreneurs within the agricultural sector. This innovative offering facilitates dairy and equipment financing through a seamless digital process, marking a significant advancement in Pakistan's financial landscape.
The initiative aims to provide potential farming citizens with access to subsidized financing at a rate of 2 percent, fostering sustainable income streams and bolstering the nation's economic development. Beneficiaries of this program span diverse segments of the agricultural community, including individuals from flood-affected areas of Sindh, representing various genders and regions.
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Bank Alfalah reports notable progress with over PKR 100 million disbursed, facilitating the acquisition of 333 animals predominantly in the dairy sector. Noteworthy is the substantial female participation, comprising 24 percent of total customers, reflecting the concerted effort to uplift small-scale farmers and promote sustainable agricultural practices.
Agriculture stands as Pakistan's economic backbone, contributing approximately 24 percent to the Gross Domestic Product (GDP) and employing half of the nation's labor force, as per the Pakistan Bureau of Statistics (PBS). Muhammad Yahya Khan, Chief Digital Officer of Bank Alfalah, emphasizes the bank's commitment to empowering the agriculture sector and fostering financial inclusion.
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By providing swift, cost-effective, and user-friendly financing solutions, Bank Alfalah aims to empower small-scale farmers and the broader agricultural industry to enhance productivity, livelihoods, and ultimately contribute to Pakistan's economic growth.
Source: Arab News