A strategic partnership between the Bank of Punjab (BOP) and Karandaaz Pakistan aims to transform Pakistan’s agriculture sector through Karandaaz’s first-ever Digital Financing for Agriculture (DFA) Challenge 2023. The historic Agreement, which was signed on April 1, 2024, marks the start of a trailblazing program designed to improve loans for digital agriculture and promote financial inclusion across the country.
Mr. Waqas ul Hassan, CEO of Karandaaz Pakistan, and Mr. Zafar Masud, President & CEO of The Bank of Punjab, signed the agreement at the Marriott Hotel in Islamabad. Along with other senior executives from BOP, Karandaaz, Agri, and the Fintech sector, Mr. Sharjeel Murtaza, Director DFS Karandaaz, Mr. Asif Riaz, Group Head Consumer Banking, Mr. Nadeem Khanzada, Senior Joint Director of SBP, and Mr. Qasim Javed, representing Techlogix, were among the other important attendees.
According to Mr. Zafar Masud, President & CEO of The Bank of Punjab, the partnership seeks to remove financial obstacles faced by farmers. By providing collateral-free lending, it not only seeks to increase production but also tackles the problem of loan securitization. The program aims to strengthen the farming community nationwide, promote resilience, and empower marginalized agriculturists by streamlining the loan procedure and utilizing cutting-edge technology, like real-time loan distribution based on predictive AI evaluations. Mr. Masud expressed his appreciation for the steadfast assistance received from Techlogix, the State Bank of Pakistan, Karandaaz Pakistan, and all other stakeholders.
Speaking enthusiastically about the partnership, Mr. Waqas ul Hassan, CEO of Karandaaz Pakistan, said, “Banks are one of the most suited partners to address farmers’ access-to-credit challenges.” Through the digital inclusion of small farmers, the partnership between Bank of Punjab and Karandaaz Pakistan offers a major chance to demonstrate a rise in the productivity of the agricultural value chains.
