U Microfinance Bank and Digitt+, an agri-fintech pioneer, have announced a transformative PKR 10 billion partnership that sets a new standard for financial collaborations in the agricultural sector. This alliance leverages Digitt+’s advanced in-house developed payment rails with U Bank’s substantial lending expertise, heralding a new era of financial solutions tailored for Pakistani farmers.
The collaboration focuses on enhancing the efficiency of financial transactions for farmers in Kanjwani, Muzaffargarh, and DI Khan, with both institutions already successfully disbursing PKR 500 million. This initiative not only facilitates quicker financial transactions but also empowers farmers with timely access to needed resources, thus boosting their productivity and economic stability.
Ahmed Saleemi, CEO of Digitt+, remarked, “This partnership is a testament to how fintech and traditional banking can come together to profoundly impact an industry. By combining our specialized payment solutions with the financial services of U Bank, we are setting a benchmark for others to follow in the fintech and banking sectors.”
Mr. Mohamed Essa Al Taheri, President & CEO – U Bank, stated, “Our alliance with Digitt+ is at the heart of our strategy to innovate and deliver value to the agricultural sector of Pakistan. The successful disbursement of the initial PKR 500 million is just the beginning. We are committed to leveraging this partnership to enhance the financial well-being of farmers across Pakistan.”
The partnership has significantly shortened the payment times for farmers, improving their cash flow management and allowing them to reinvest in their operations more swiftly. This enhancement in the financial pipeline is crucial for supporting the growth and sustainability of the agricultural sector. U Bank and Digitt+ are dedicated to the continued advancement of this initiative, aiming to extend its impact to more regions and reach the full commitment of PKR 10 billion.
About U Microfinance Bank
U Microfinance Bank Ltd. (U Bank) is a wholly-owned subsidiary of Pakistan Telecommunication Company Limited (PTCL) – e& Group (formerly known as Etisalat Company). The bank has a network of more than 375 branches, across 210 cities and rural areas in Pakistan and offers a wide range of microfinance loans, deposit products, and branchless banking solutions. U Bank’s branchless banking offers services under the banner of UPaisa in collaboration with Ufone (Pak Telecom Mobile Limited).
About Digitt+
Digitt+ is a licensed Electronic Money Institution (EMI) regulated by the State Bank of Pakistan. Specializing in agri digital wallet solutions, Digitt+ is dedicated to promoting financial inclusion. Additionally, Digitt+ extends its services to empower farmers with tools for managing agricultural finances, further contributing to the growth and sustainability of rural economies.
