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 digitize the agriculture ecosystem, offering financial inclusion to farmers and the unbanked through its technology, partnerships and relationships with agribusiness and FMCGs.

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

When we talk about the scope and potential of the venture, Qasim Akhtar Khan, Founder and Chief Strategy Officer of Digitt+ said, “We look forward to providing financial technology solutions to the farmers of Pakistan who will be able to open bank accounts and access credit and modern digital financial services such as bill payments, e-commerce, investments and remittances. These efforts have the potential to address food security issues, increase yields and improve human welfare in Pakistan, directly impacting thousands of farmers and merchants.”

Ahmed Saleemi, CEO of Digitt+ provided further insight into 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 with a focus on microservices 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 also the corporate sector, by offering specialized business tools.”

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