Brac Bank partners with iFarmer to finance smallholder livestock farmers

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Brac Bank has signed a partnership agreement with Agri-fintech startup –iFarmer – to provide access to finance to smallholder livestock farmers across the country.

iFarmer bundles finance with agriculture inputs, advisory services, insurance, and market access for the small-scale farmers providing them with 'one-stop solution', said a press release.

Under this agreement, Brac Bank will provide collateral-free finance to the enlisted farmers of iFarmer. In this project iFarmer will facilitate Brac Bank for developing a customised product dedicated to livestock financing, which will help Brac Bank expand livestock financing.

Brac Bank will leverage on iFarmer's farmer risk score, field monitoring, and market linking support to farmers as part of this mutual partnership. The farmers will get credit facility starting from Tk 50,000 to a maximum of Tk 300,000, which is payable within nine months.

Syed Abdul Momen, deputy managing director and head of SME Banking, Brac Bank, and Jamil M Akbar, managing director and chief operating officer, iFarmer, signed the agreement on behalf of their respective organisation at the bank's Head Office in Dhaka on 30 November 2022.

From Brac Bank, Ahmed Rashid Joy, head of Credit Risk Management; Alomgir Hossain, head of Small Business (Central); Azizul Hoq, head of Business Transformation and Product; S M Ishtiaque, head of Digital Loan Underwriting; Kayser Hasan, senior manager, Channel Development and Inclusive Business; Tapos Kumar Roy, head of MFI and Agriculture Finance; SM Saiful Islam, head of Agriculture Finance, were present.

From iFarmer, Fahad Ifaz, co-founder and CEO; Joy Bhattacharjee, head of Financial Planning and Analysis; Ettesam Bari Rio, executive, Digital Financial Product, attended the signing ceremony.