Agri-FinTech Digitt+ gets pilot launch approval in Pakistan

By Gloria Methri

Digitt+, the agriculture-focused FinTech has received approval from the State Bank of Pakistan to pilot launch its Electronic Money Institution (EMI). Powered by Akhtar Fuiou Technologies (AFT), Digitt+ aims to digitise the agricultural ecosystem, offering financial inclusion to farmers and unbanked people through its technology, partnerships, and relationships with agribusinesses and FMCGs.

Digitt+ has partnered with payment solutions provider FuiouPay, to provide a market-based alternative to the traditional banking system. The PayTech offers holistic enabling solutions through its 75 intellectual property licenses and several patented software.

Speaking of the scale and potential of the venture, Qasim Akhtar Khan, Founder and Chief Strategy Officer at Digitt+ said, “We look forward to providing financial technology solutions to the farmers of Pakistan who will be able to open bank accounts and gain access to credit and modern digital financial services such as bill payments, e-commerce, investments, and money transfers. This effort has the potential to solve food security issues, enhance crop yields, and improve human welfare in Pakistan, directly impacting thousands of farmers and merchants.”

Ahmed Saleemi, CEO of Digitt+ gave further insight on how the company would unlock the potential of the Agri economy. He said, “At Digitt+, we are using technology to develop innovative digital financial products focusing on micro services to build a comprehensive platform that will enable the delivery of these solutions to a wide range of users, not only for the retail Agri market but for the corporate sector as well, through the provision of specialized business tools.”

Digitt+ notes that despite Agriculture contributing about 25% to Pakistan’s GDP, the sector does not have commensurate access to financial services from the banking system. The services from Digitt+ can provide the sector with access to formal banking channels and donor agencies to support farmers in adapting to climate change.