Fatima Group signs MoU with Telenor Microfinance Bank to promote financial inclusion amongst local farmers
Lahore, December 30, 2019: Fatima Group signed a strategic MoU with Telenor Microfinance Bank to promote financial inclusion amongst local farmers in Pakistan. The MoU was recently signed between Ali Mukhtar, Director at Fatima Group and Khurram Malik, Head of Easypaisa at Telenor Microfinance Bank during a special ceremony held at Fatima Group’s head office in Lahore.
The signing ceremony was attended by top officials from both companies including Director of Marketing & Sales at Fatima Group, Khurram Javed Maqbool, Head of Planning, Capability & Business Integration at Fatima Group, Rashid Asad Saeed, AM of Business integration at Fatima Group, Imran Tariq and Head of Partnerships and Corporate Products, Telenor Microfinance Bank, Umer Shahbaz Khan.
The main purpose of this partnership is to improve the lives of farmers by helping them gain efficiency through enhancing crop yields. Speaking at the occasion, Ali Mukhtar, Director at Fatima Group said, “Currently Pakistan’s agriculture sector is the largest contributor to the nation’s GDP and exports. It also employs more than 40% of Pakistan’s workforce. By providing access to finance, timely information, and accurate guidance, this partnership has the potential to uplift the standard of living for millions of farmers, while significantly improving the country’s agricultural output.
Expressing his views, Khurram Malik, Head of Easypaisa at Telenor Microfinance Bank said, “In the last few years the contribution of microfinance has been central to growth in agriculture credit in Pakistan. This partnership aims to improve the standard of living for farmers across the country by providing them access to digital financial infrastructure and allowing them to improve their prospects through easier credit solutions.”
This strategic alliance aims to leverage Fatima Group’s expertise and large network in the agri-sector together with Telenor Microfinance Bank’s expertise in the financial sector in order to digitise payments and loans for small scale farmers on affordable terms. The success of this partnership will enable these farmers to procure inputs such as fertilizers, seeds, pesticides, and agricultural tools. They will also be able to get technical guidance from agri-experts who will be accessible online via a user-friendly app, and also at various locations throughout the country.