JS Bank, Pakistan’s fastest growing financial institution and Pakistan Agricultural Technology Transfer Activity (PATTA), a United States Agency for International Development (USAID) funded project, signed a Commitment of Collaboration (CoC) to bridge the gap between the financial sector and agribusinesses in Pakistan.
JS Bank and PATTA have pledged to jointly support private sector agricultural companies by promoting advanced agricultural technologies such as agri-SME financing financial tools, products and services to Pakistani farmers, and increase their access to affordable credit opportunities. The project’s awareness- raising campaigns will encourage farmers, dealer networks and agri-techs to avail financial products and services, new financial management skills and formal banking mechanisms.
“Our collaboration with USAID PATTA is based on a collective commitment to further strengthen the Pakistani agricultural sector through technology transfer and best practices. JS Bank has embarked on numerous multi-sectoral partnerships for enhancing competitiveness, profitability and productivity,” explained Babbar Wajid, Head of Product Management and Consumer Banking – JS Bank.
While agribusinesses in Pakistan have immense economic growth potential, they are constrained when it comes to access to finance. Therefore, JS Bank will leverage the expertise and network of USAID PATTA for enhanced access to finance and training opportunities to this sector. This will also build agriculturalists capacity to use formal banking systems, avail financial products and services, and enhance their money management skills.
“Pakistan’s economy is agriculture–driven. Creating financial investment opportunities for agri-SMEs is very critical. Bank financing can be transformative for the project’s agribusiness partners as it supports investments, allowing for promotion and adoption of new technologies and increased competitiveness,” said USAID PATTA Chief of Party Jean Francois Guay.
JS Bank and PATTA will arrange farmers’ field days, agricultural technology demonstrations, and sensitization sessions to promote agricultural financing. PATTA’s Supply-Side Partners and their networks of dealers will then avail a comprehensive package of financial services and products to improve their overall productivity and growth. Further, small farmers will be able to enhance their productivity by helping them to lease agricultural equipment and apply for agri-loans through this new partnership.
About JS Bank:
JS Bank is one of the fastest growing banks in Pakistan, with 345 branches in 172 cities including one international branch. The Bank is a leader in the digital banking space and distribution of insurance solutions. JS Bank has received the prestigious Asiamoney Award for ‘Best Bank for SMEs’ as well as the award for Best Environmental and Social Governance Bank at the Pakistan Banking Awards. The Bank is part of JS Group, one of Pakistan’s most diversified and progressive financial services groups. For more information, please visit http://www.jsbl.com.