Agriculture Fintech of Pakistan Announces Launch Of EMI
Digitt+ is committed to digitising the agricultural ecosystem and offering financial inclusion to farmers and the unbanked through its technology.
Digitt+, Pakistan’s first agriculture-focused Fintech, announced today that the State Bank of Pakistan has formally approved the launch of its Electronic Money Institution (EMI). Akhtar Fuyo Technologies powers Digitt+ (AFT).
Digitt+ is committed to digitising the agricultural ecosystem and offering financial inclusion to farmers and the unbanked through its technology, partnerships, and tie-ups with agribusinesses and FMCGs in Pakistan.
To provide a market-based alternative to traditional banking systems, Digitt+ has partnered with FuiouPay, a leading international payment solutions provider. Through its 75 intellectual property licences and several patented software products, FuiouPay provides a fully functional solution.
“We look forward to providing financial technology solutions to Pakistan’s farmers to open bank accounts and access credit, as well as modern digital financial services such as bill payments, e-commerce, investments, and money transfers. This initiative has the potential to address food security issues, increase crop production, and improve human well-being in Pakistan, directly affecting thousands of farmers and traders,” said Qasim Akhtar Khan, Founder and Chief Strategy Officer of Digitt+.
He went on to say that, “For decades, Pakistan has been an agricultural powerhouse. Agriculture employs nearly half of the country’s workforce and contributes about 25 percent to the GDP. Despite its size and importance, the sector lacks adequate access to financial services from the banking system “.
Furthermore, recent climate change has devastated farmers and severely harmed their output, limiting access to financial technology. This has increased the accessibility of such services through formal banking channels, and donor agencies can provide the necessary access to assist farmers in adapting to climate change.
“At Digitt+, we are leveraging technology to develop innovative digital financial products with a focus on microservices to create a comprehensive platform that will enable these solutions to be delivered to a wider range of customers, not only for the retail agrimarket but also for the corporate sector. We do this by providing specialised business tools,” Qasim Akhtar Khan explained.
Digitt+ CEO Ahmad Salimi elaborated on how the company plans to capitalise on the agri-potential of the Pakistani economy. With Digitt+ All set to embark on a mission to revolutionise the agriculture fintech sector in Pakistan, the approval by the State Bank of Pakistan is a major milestone in this direction.