iFarmer, UCB, Visa to launch Farmer Cards for cashless economy

iFarmer has collaborated with United Commercial Bank (UCB) and VISA to launch Farmer Cards,  accelerating Bangladesh's transition to cashless economy. 

Accordingly  iFarmer distributed this card among 17 registered farmers at an event organized at Chutipur of Damurhuda upazila under Chuadanga district on Thursday last, says a press release. 

In the initial phase of this program, cards will be distributed among 150 farmers hailing from different areas. iFarmer plans to distribute it among more farmers in future to strengthen the digital payment system across the country.

The Farmer Cards will help the farmers keep a record of their transactions and purchase all types of post-credit services like machinery and agricultural inputs from iFarmer Center. The initiative will also decrease the risk of carrying a lot of cash, lowering the risk of getting mugged. 

Farmer cards will help farmers transform the way they manage agricultural activities. The joint venture also highlights how strengthening digital financial services in the agricultural sector will support local economic development, especially among the marginalized population. 

On this occasion, Muhaiminul Hossain, Head of Product Management, iFarmer said: "The cashless Farmer Cards will change the way marginalized farmers engage within the economy and empower them to flourish in the digital age. The initiative will also enhance the financial security and foster greater economic resilience among the farming communities."