Khushhali Microfinance Bank and IFC, a member of the World Bank Group, have agreed to enter into an advisory engagement to support the development of an agri-digital scorecard to accelerate financial inclusion and access to finance for low-income farmers in Pakistan. This collaboration embodies the commitment from both institutions to support small landholders that are not in the radar of conventional banking ecosystem, thus facilitating the creation of a more resilient farming segment across the breadth of the country.
This collaboration will leverage IFC's global experience in developing such scorecards in various geographies across Latin America, Africa and Asia. Notably, the project will benefit from IFC's most recent experiences in China where IFC's engagements have successfully ramped up outreach through large-scale institutions such as Bank of Langfang and Postal savings Bank of China. In addition, the project will leverage Khushhali Microfinance Bank's recently upgraded technology platform, T-24, which, with its optimal capabilities is amongst the best in the world.
"Agri digital finance is a key priority for IFC globally, and, through this engagement, IFC will leverage its global experience to unlock the potential of small farmers using technology solutions. The eco-system in Pakistan is ripe for such an engagement and in Khushhali Microfinance Bank, we have a committed and capable partner in this innovative and transformational journey", said Rachel Freeman, Manager Financial Institutions Group, Asia and Pacific.
Khushhali Microfinance Bank is a forerunner in the microfinance sector in Pakistan. As the largest microfinance bank in the country, Khushhali bank has served over 5 million customers over the past 18 years.-PR