Developed by United Commercial Bank and Shwapno, the AgroBanking project aims to provide financial inclusion to the nation's low income farmers through excess produce.
Keeping in mind that many farmers grow their own produce, a lot of it is often left unconsumed, resulting in wastage. When it isn't wasted, it is usually sold to middlemen for extremely low prices.
“Through project AgroBanking, farmers will get the opportunity to sell their produce to logistics and retail partner Shwapno at fair prices,” said a statement.
While facilitator and financial partner UCB can deposit farmers' incomes directly into UCash accounts.
Afterwards, the produce can be picked up by Shwapno, who with its massive farmer and distribution network can transport it to outlets across Bangladesh.
Project AgroBanking not only gives farmers a safe place to save their hard earned money, but may also enable farmers to avail other banking facilities in the future.
Furthermore, once non-commercial farmers start formally saving, they will be able to grow economically, officially start contributing to the national economy and usher Bangladesh towards new avenues of growth in terms inequality reduction and greater financial inclusion, all through excess agro goods.
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