Staff Reporter, Dhaka : BRAC Bank has launched a unique ‘Smart Farmer’s Card’ to facilitate easy and smart banking solutions for farmers. This is a first-of-its-kind smart card for farmers.

‘Smart Farmer’s Card’ will be offered primarily to the members of Bangladesh Dairy Farmers’ Association (BDFA) and gradually this would be offered to the eligible farmers countrywide.

As an SME-focused bank, BRAC Bank always strives to bring grassroots entrepreneurs under the purview of formal banking service. As part of the bank’s continuous pursuit to help realize entrepreneurial dream of the smallholder farmers, BRAC Bank has introduced the Smart Farmer’s Debit & Credit Card to ensure the financial inclusion of the large communities of farmers, who contribute significantly to the national economy.

S M Rezaul Karim, MP, Minister for Fisheries and Livestock, formally launched the VISA branded ‘Smart Farmer’s Card’ at a ceremony at a hotel in Dhaka on June 21, 2023.

Dr. Nahid Rashid, Secretary, Ministry of Fisheries and Livestock; Md. Motasem Billah, Director, Payment Systems Department, Bangladesh Bank; Selim R. F. Hussain, Managing Director & CEO; and Syed Abdul Momen, Deputy Managing Director & Head of SME Banking, BRAC Bank; and M Imran Hossain, President, Bangladesh Dairy Farmers’ Association, were present at the ceremony.

The Smart Farmers’ Card provides convenient and accessible financial services in a cashless environment which is aligned with the vision of the Government and Bangladesh Bank. BRAC Bank will also offer transaction-based credit facilities based on farmers’ transaction history which will encourage the last mile farmers building their credit worthiness for future financing opportunities. Eligible farmers will also be entitled to get the Farmer’s Credit Card. This initiative aims to empower the farmers by integrating them into the formal banking channel.

Commenting on the initiative, Selim R. F. Hussain, Managing Director & CEO, BRAC Bank, said: “Since its inception, BRAC Bank has a particular focus on SME financing with a broader vision of financial inclusion of grassroots entrepreneurs. This Smart Card initiative reiterates our commitment of fulfilling our late founding Chairperson, Sir Fazle Hasan Abed’s vision of bringing meaningful social impact through banking the unbanked.”

“We believe this Smart Cards will encourage more people to start the farming commercially in bigger scale and boost country’s cattle rearing sector. It will play a catalytic role in alleviating poverty, creating employment and revitalizing rural economy of Bangladesh. We firmly believe this initiative will help make the country’s agricultural sector more vibrant,” he continued.