Digitt+: Pakistan's first agri-fintech receives SBP approval for pilot launch

Through technology and partnerships, Digitt+ expands financial inclusion to Pakistan's farmers and unbanked

 

The agriculture sector plays a key role in the development of nations. It not only contributes to poverty reduction and economic growth. Rapidly evolving technologies are paving the way to reduce risk and expand agricultural productivity cost-effectively. At the same time, many obstacles aren't technological, which emphasises the importance of strategically made investments to improve outcomes for the agricultural households.

Pakistan is a nation that highly depends on the agricultural sector. Over half the workforce is employed in the sector that boasts over 25% of the nation's GDP contribution. However, despite the size and prominence, the lack of proper access to financial services from the banking sector significantly impacts farmers nationwide. It has made access to fintech even more critical than ever before.

Likewise, climate change has also devastated farmers, affecting their productivity profoundly, hence highlighting the necessity of accessing financial technology. It is imperative that such financial services are available to facilitate access to formal banking channels and donor agencies to support climate change adaptation among farmers

To curb the problem, Digitt+, Pakistan’s first agriculture focused Fintech has stepped in. They recently announced the State Bank of Pakistan has formally granted the approval to pilot launch their Electronic Money Institution (EMI). Digitt+ is powered by Akhtar Fuiou Technologies (AFT).

Digitt+ is committed to digitising the agricultural ecosystem, offering financial inclusion to farmers and unbanked people via its technology, partnerships, and relationships with agribusinesses and FMCGs in Pakistan.

To provide customers with a market-based alternative to traditional banking, Digitt+ has partnered with FuiouPay. A total of 75 patents and 75 intellectual property licenses enable FuiouPay to provide holistic business-enabling solutions.

Elaborating about the scale and potential of the venture, Qasim Akhtar Khan, Founder and Chief Strategy Officer at Digitt+ quoted:

"We look forward to providing financial technology solutions to the 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. 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."

Giving further insight on how the company would unlock the potential of the Agri economy, Ahmed Saleemi, CEO of Digitt+, stated:

“At Digitt+, we are 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 specialised business tools.”

Taking the Agriculture Fintech sector in Pakistan by storm, Digitt+ is gearing up for a revolution. The approval from the State Bank of Pakistan marks a significant step forward in that direction.