Farmdar and Bank Alfalah Limited Forge Historic Partnership to Reshape Agricultural Lending in Pakistan
Lahore, April 29th, 2024 – Farmdar, a Pakistani leader in agri-data analytics, and Bank Alfalah Limited, one of Pakistan’s premier banking institutions, have officially entered into a groundbreaking partnership.
At the core of this landmark collaboration lies Farmdar’s extensive repository of multi-year, multi-crop data spanning millions of acres. Utilizing AI and space technology, Farmdar has curated a comprehensive database, providing insights into crop condition and progress, historical productivity, and the unique requirements of individual farmers. With this robust data infrastructure, Farmdar is positioned to financially empower tens of thousands of digitized farmers exclusively within its B2B portfolio.
Moreover, Farmdar‘s data capabilities empower Bank Alfalah Limited to identify prime candidates for lending at scale and speed, thereby minimizing the risk of non-performing loans.
A series of joint initiatives have already been outlined for 2024, marking the beginning of a transformative period for Pakistani banking.
Muzaffar Manghi, Co-founder of Farmdar, expressed his confidence in the partnership: “Banks in Pakistan are prepared to lend to farmers on a large scale. However, until today, hyper-agility and comprehensive data on potential borrowers have been limited. This collaboration has the potential to revolutionize agricultural lending in Pakistan and drive significant change.”
Echoing these sentiments, Yahya Hameed Wahla, Head of Agri Business at Bank Alfalah Limited, underscored the bank’s dedication to agriculture in Pakistan: “BAFL acknowledges the pivotal role of agriculture in Pakistan’s future. Through this partnership with Farmdar, we aim to stimulate innovation, empower farmers, and lay strong foundations for Pakistan’s economy.”
As Farmdar and Bank Alfalah Limited embark on this transformative journey together, a new era of ingenuity and progress dawns upon Pakistan’s agricultural sector.
