Brac Bank has launched a unique ‘Smart Farmer's Card' to facilitate easy and smart banking solutions for farmers.
This is a first-of-its-kind smart card for farmers, according to a press release.
‘Smart Farmer's Card' will be offered primarily to the members of the Bangladesh Dairy Farmers' Association (BDFA) and gradually this would be offered to eligible farmers countrywide.
As an SME-focused bank, Brac Bank always strives to bring grassroots entrepreneurs under the purview of formal banking services.
As part of the bank's continuous pursuit to help realize the entrepreneurial dream of smallholder farmers, Brac Bank has introduced the Smart Farmer's Debit and Credit Card to ensure the financial inclusion of the large communities of farmers, who contribute significantly to the national economy.
SM Rezaul Karim, minister for Fisheries and Livestock, formally launched the Visa-branded ‘Smart Farmer's Card' at a ceremony at a hotel in Dhaka on June 21.
Dr Nahid Rashid, secretary, Ministry of Fisheries and Livestock; Md Motasem Billah, director, Payment Systems Department, Bangladesh Bank; Selim RF Hussain, CEO; and Syed Abdul Momen, head of SME Banking, Brac Bank; and M Imran Hossain, president, Bangladesh Dairy Farmers' Association, were present at the ceremony.
The Smart Farmers' Card provides convenient and accessible financial services in a cashless environment which is aligned with the vision of the Government and Bangladesh Bank.
Brac Bank will also offer transaction-based credit facilities based on farmers' transaction history which will encourage the last-mile farmers to build their creditworthiness for future financing opportunities. Eligible farmers will also be entitled to get the Farmer's Credit Card.
This initiative aims to empower the farmers by integrating them into the formal banking channel.
Commenting on the initiative, Selim RF Hussain said: “Since its inception, Brac Bank has a particular focus on SME financing with a broader vision of financial inclusion of grassroots entrepreneurs. This Smart Card initiative reiterates our commitment of fulfilling our late founding Chairperson, Sir Fazle Hasan Abed's vision of bringing meaningful social impact through banking the unbanked.”
“We believe these Smart Cards will encourage more people to start farming commercially on a bigger scale and boost the country's cattle rearing sector. It will play a catalytic role in alleviating poverty, creating employment and revitalizing the rural economy of Bangladesh. We firmly believe this initiative will help make the country's agricultural sector more vibrant,” he continued.