KARACHI: The State Bank of Pakistan has formally granted approval to pilot launch of Pakistan’s first agriculture-focused Fintech – Digitt+ – its Electronic Money Institution (EMI). Digitt+ is powered by Akhtar Fuiou Technologies (AFT), the company announced Friday.
As per the company, the purpose of this agri-Fintech app is to digitize the agricultural ecosystem, offer financial inclusion to farmers and unbanked people through its technology, partnership, relationship with agri-businesses and FMCGs in Pakistan.
Digitt+ has partnered with FuiouPay, a leading international payment solutions provider, to provide market-based alternative to the traditional banking system. FuiouPay offers holistic enabling solutions through their 75 intellectual property licenses and several patented software.
Qasim Akhtar Khan, Founder and Chief Strategy Officer at Digitt+ said that the company will provide financial technology solutions to farmers of Pakistan who will be able to open bank accounts and gain access to credit and modern digital financial services such as bill payments, e-commerce, investments and money transfers.
Farm mechanisation: Markup subsidy, risk sharing scheme announced
The approval from the State Bank of Pakistan is an important milestone in that direction. This effort has the potential to solve food security issues, enhance crop yields and improve human welfare in Pakistan, directly impacting thousands of farmers and merchants, he added.
Pakistan has been an agriculture powerhouse for decades. Agriculture employs almost half of the country’s workforce and contributes about 25% to GDP. Despite its size and prominence, the sector does not have commensurate access to financial services from the banking system.
Ahmed Saleemi, CEO of Digitt+ said that using technology to develop innovative digital financial products focusing on micro services to build a comprehensive platform that will enable the delivery of these solutions to a wide range of users, not only for the retail Agri market but for the corporate sector as well, through the provision of specialized business tools.