Redefine Agricultural Finance: Collaborating with Digitt+ and U Microfinance Bank in a Strategic Bank-Fintech Partnership
How to Redefine Agricultural Finance: Collaborating with Digitt+ and U Microfinance Bank in a Strategic Bank-Fintech Partnership
Faisalabad, Pakistan - U Microfinance Bank (U Bank) and Digitt+, a leading agri-fintech company, have joined forces in a groundbreaking PKR 10 billion partnership to revolutionize financial services for Pakistani farmers. This collaboration marks a significant step forward for financial inclusion in the agricultural sector, leveraging the strengths of both institutions.
U Bank's extensive lending experience combines with Digitt+'s innovative payment technology to create a comprehensive financial solution specifically designed for farmers in Kanjwani, Muzaffargarh, and D.I. Khan. The initial success of the partnership is evident with PKR 500 million already disbursed, streamlining financial transactions and empowering farmers with faster access to critical resources.
"This partnership exemplifies the transformative power of collaboration between fintech and traditional banking," said Ahmed Saleemi, CEO of Digitt+. "By combining our expertise, we are establishing a new standard for financial services in the agricultural sector, paving the way for a more prosperous future for Pakistani farmers."
U Bank's President & CEO, Mr. Mohamed Essa Al Taheri, echoed this sentiment, stating, "Our alliance with Digitt+ is a cornerstone of our commitment to innovation and progress in Pakistan's agricultural sector. The initial disbursement is just the beginning. We are dedicated to leveraging this partnership to empower farmers nationwide."
The partnership has demonstrably expedited payment cycles for farmers, enhancing cash flow management and enabling them to reinvest in their operations swiftly. This improved financial efficiency is critical for ensuring the long-term viability and growth of Pakistan's agricultural sector. Both U Bank and Digitt+ are steadfast in their commitment to expanding this initiative to encompass more regions and reach the full PKR 10 billion commitment.
About U Microfinance Bank
U Microfinance Bank Ltd. (U Bank), a wholly-owned subsidiary of the e& Group (formerly Etisalat Company), boasts a network of over 375 branches across 210 Pakistani cities and rural areas. U Bank offers a comprehensive suite of microfinance loans, deposit products, and branchless banking solutions through UPaisa, a service provided in collaboration with Ufone (Pak Telecom Mobile Limited).
About Digitt+
Digitt+, a licensed Electronic Money Institution (EMI) by the State Bank of Pakistan, specializes in agri digital wallet solutions. Their mission is to foster financial inclusion for farmers and provide them with the tools they need to manage their finances effectively, contributing to the stability and prosperity of rural economies.