In a groundbreaking partnership, UBL (United Bank Limited), one of Pakistan’s largest financial institutions, has teamed up with Digitt+, a leading fintech company, to facilitate digital disbursements amounting to over 1 billion rupees to the agricultural sector. This collaboration leverages Digitt+’s innovative Crop Procurement Receipt (CPR) financing solution, aiming to empower farmers with faster, more efficient access to funding. By focusing on improving the speed, accessibility, and efficiency of financial services for farmers, this initiative is set to transform the landscape of agricultural financing in Pakistan.
The strategic partnership between UBL and Digitt+ is part of a growing trend of bank-fintech collaborations that are setting new benchmarks worldwide. These partnerships combine the financial stability and extensive networks of traditional banks with the agility and innovation of fintech companies, tackling critical challenges such as financial inclusion and operational efficiency. With agriculture being one of the most underserved sectors, these collaborations are playing a pivotal role in improving access to financial resources, particularly for farmers in rural areas.
Through this partnership, Digitt+ will utilize its cutting-edge in-house technology to manage the digital disbursements. The fintech company’s robust payment platform and intuitive mobile application will ensure that farmers receive their payments quickly and securely, significantly reducing processing times compared to traditional banking methods. This approach is expected to streamline the disbursement process, allowing farmers to access essential funds without delays. The ultimate goal is to foster the growth and sustainability of Pakistan’s agricultural sector by providing farmers with timely access to the financial resources they need to succeed.
UBL will play a critical role in facilitating the lending process to the agriculture sector, ensuring that farmers receive the necessary financial backing to sustain their operations. The digital disbursements began on December 31, 2024, and are focused on farmers in key agricultural hubs, including Dera Ismail Khan (DI Khan), Faisalabad, Ghotki, Rahim Yar Khan, and Muzaffargarh. This targeted approach aims to provide immediate financial support to farmers in regions crucial to Pakistan’s agricultural productivity, ensuring that they can meet their operational needs and contribute to the country’s economic development.
In a statement, Ahmed Saleemi, CEO of Digitt+, expressed his enthusiasm for the partnership, stating, “Our collaboration with UBL marks a significant milestone in our mission to empower farmers through digital payments. By combining our technology with UBL’s banking expertise, we are ensuring that over 1 billion rupees reach farmers in the most efficient and timely manner, improving their access to essential financial resources.”
Similarly, Abdul Aleem Qureshi, General Executive of Branch Banking at UBL, highlighted the importance of this initiative, saying, “We are excited to work with Digitt+ to bring the benefits of digital payments to the agricultural sector. This partnership not only enables farmers to receive timely payments but also helps modernize the agricultural financing ecosystem in Pakistan, which will, in turn, contribute to the sector’s growth and productivity.”
This partnership exemplifies the powerful potential of collaboration between the fintech and banking sectors. By combining cutting-edge technology with financial expertise, UBL and Digitt+ are creating a positive impact on Pakistan’s agricultural economy. Globally, such partnerships are increasingly seen as catalysts for driving exceptional results, and this initiative is poised to set a new standard for digital payments in agriculture. Not only will it benefit farmers, but it will also contribute to improving financial inclusion and driving economic progress in the country.