KARACHI: Bank Alfalah, one of the leading Pakistani commercial and digital banks, on Monday announced the launch of the country’s first digital agriculture financing product, aimed at empowering small-scale farmers and entrepreneurs in the agriculture sector.
The innovative product allows customers to avail dairy and equipment financing through a seamless digital process, and marks a significant milestone in Pakistan’s financial landscape, according to the bank.
The initiative aims to provide potential farming citizens with access to subsidized financing at a rate of 2 percent and enable them to establish sustainable income streams and contribute to the nation’s economic development.
The beneficiaries of the initiative included individuals from various distantly scaled areas, especially flood-affected areas of Sindh, representing both genders and diverse segments of the agricultural community, Bank Alfalah said in a statement.
“Pakistan’s First Digital Agriculture Financing product has already made significant strides in empowering rural communities, particularly in the dairy sector, surpassing disbursement of over PKR 100 million, the financing has facilitated the procurement of animals, with a remarkable 333 animals acquired so far,” the statement read.
“Female participation in this endeavour is significant, accounting for 24 percent of the total customers. As all proceeds have been dedicated to ‘Dairy Financing,’ it showcases the focused effort to uplift small-scale farmers in Pakistan and encourage sustainable Agricultural practices.”
Agriculture is the backbone of Pakistan’s economy and constitutes its largest sector. According to the Pakistan Bureau of Statistics (PBS), agriculture contributes about 24 percent of the Gross Domestic Product (GDP) and accounts for half of the employed labor force in the country.
Muhammad Yahya Khan, chief digital officer of Bank Alfalah, said the introduction of the product signified their dedication to empowering the agriculture sector and promoting financial inclusion in Pakistan.
“We are committed to ensuring that small-scale farmers always have access to financial services,” he said. “Through swift, cost-effective, and user-friendly financing solutions, our goal is to empower small-scale farmers and the broader agriculture industry to boost productivity, enhance livelihoods, and contribute to the growth of Pakistan’s economy.”
Pakistani bank launches country’s first digital agriculture financing product
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Pakistani bank launches country’s first digital agriculture financing product
- Agriculture accounts for almost a quarter of Pakistan’s GDP and half of the employed labor force
- The initiative aims to provide potential farming citizens with access to subsidized financing at 2 percent
Sri Lanka players ask to leave Pakistan after bombing, board says no
- Sri Lanka are playing three ODIs followed by T20 tri-nation series in Pakistan this month
- Suicide bombing in Islamabad on Tuesday made Sri Lankan players fear for security
Some Sri Lanka cricketers requested to return home from their Pakistan tour on Wednesday for safety reasons after a suicide bombing in Islamabad, but their board issued a stern directive to stay put or face consequences.
Sri Lanka are touring Pakistan, playing three one-day internationals followed by a Twenty20 tri-series along with Zimbabwe this month. Sri Lanka are scheduled to play Pakistan in the second ODI on Thursday in Rawalpindi.
But the bombing, which killed 12 people in Pakistan's capital Islamabad, made several Sri Lankan players ask to go home, the Sri Lanka Cricket board said in a statement. Rawalpindi and Islamabad are twin cities hardly 20 km (12 miles) apart.
"SLC immediately engaged with the players and assured them that all such concerns are being duly addressed in close coordination with the Pakistan Cricket Board (PCB) and the relevant authorities to ensure the safety and well-being of every member of the touring party," the SLC said.
'CONTINUE WITH TOUR'
"In this context, SLC has instructed all players, support staff and team management to continue with the tour as scheduled," SLC added.
Any player who returns despite the directive will be replaced immediately to avoid disrupting the tour, it said.
If anyone does that, however, "a formal review will be conducted to assess their actions, and an appropriate decision will be made upon the conclusion of the review."
SLC did not respond to a question on the number of players and staff who requested to return home.
Pakistan had been struggling to convince sports teams to visit the country after gunmen attacked a bus carrying touring Sri Lanka cricket players in the city of Lahore in 2009.
At least six players were injured, and visits by international teams came to a halt as Pakistan played their "home" matches in the United Arab Emirates.
But security has improved since then in major urban centers and test cricket returned when Sri Lanka toured in 2019.
In this series, Pakistan won the first ODI, which was also held in Rawalpindi, by six runs on Tuesday.
