KARACHI: The State Bank of Pakistan (SBP) has approved the launch of Pakistan’s first agri-fintech app Digitt+ powered by Akhtar Fuiou Technology (AFT).
The application focuses to digitize the agricultural ecosystem and 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 seventy five intellectual property licenses and several patented software.
Qasim Akhtar Khan, Founder and Chief Strategy Officer at Digitt+ said that, “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. The approval from 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.”
Pakistan has been an agriculture powerhouse for decades. Agriculture employs almost half of the country’s workforce and contributes about 25 per cent 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, “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 specialized business tools.”
