iFarmer, UCB and VISA partner to strengthen digital payment system for farmers

Bojrokontho News ::

[Dhaka, 04 November, 2024] Bangladesh has made significant strides in transitioning towards a cashless economy, and to further deepen the measures, iFarmer has collaborated with United Commercial Bank (UCB) and VISA to launch Farmer Cards. On this occasion, iFarmer distributed this card among 17 registered farmers in an event organized at Chutipur of Damurhuda upazila under Chuadanga district on 31 October. In the initial phase of this program, cards will be distributed among 150 farmers hailing from different areas. iFarmer plans to distribute it among more farmers in future to strengthen the digital payment system across the country.
The primary objective of the joint venture is to promote cashless transactions among farmers and to strengthen digital payments across the economy. The Farmer Cards will help the farmers keep a record of their transactions and purchase all types of post-credit services like machinery and agricultural inputs from iFarmer Center. The initiative will also decrease the risk of carrying a lot of cash, lowering the risk of getting mugged.
Farmer cards will help farmers transform the way they manage agricultural activities. The joint venture also highlights how strengthening digital financial services in the agricultural sector will support local economic development, especially among the marginalized population.
On this occasion, Muhaiminul Hossain, Head of Product Management, iFarmer said, “We believe in empowering our farmers with modern technology so that they can build a sustainable future. The cashless Farmer Cards will change the way marginalized farmers engage within the economy and empower them to flourish in the digital age. The initiative will also enhance the financial security and foster greater economic resilience among the farming communities.”
Initially the Farmer Cards were distributed to 150 registered farmers; however, iFarmer has future plans to distribute the cards to more farmers across Bangladesh to strengthen the digital payment system nationwide.
From iFarmer, Md. Muhaiminul Hossain. Head of Product Management and from United Commercial Bank Md. Touhiduzzaman, Assistant Vice President & Head of Branch, Chuadanga branch; Akbar Hossain, Senior Executive Officer & Credit In-Charge, Chuadanga Branch and Md. Mahmudul Haque, Relationship Officer (National Sales), Rajshahi Branch were present during the event to celebrate, distribute, and discuss the broader impact of the initiative on rural communities.