Farmers with excess produce may soon start saving through AgroBanking

United Commercial Bank and Shwapno have joined hands to launch a project called AgroBanking for farmers through which they can sell their produce to the retailer.

It means Bangladeshi farmers may soon get the opportunity to save for their future through AgroBanking, a media release said on Tuesday.

The project aims at financial inclusion of farmers with excess produce.

Keeping in mind that many farmers grow their own produce, a lot of it is often left unconsumed, resulting in wastage.

When it is not wasted, it is usually sold to middlemen for throwaway prices.

Now, thanks to the project, farmers will get the opportunity to sell their produce to logistics and retail partner Shwapno at fair prices, according to the release.

Facilitator and financial partner UCB can deposit farmers’ incomes directly into UCash accounts, the release said.

Afterwards, the produce can be picked up by Shwapno, who with its massive farmer and distribution network can transport it to outlets across Bangladesh.

The project not only gives farmers a safe place to save their hard earned money, but may also enable farmers to avail other banking facilities in the future.

Once non-commercial farmers start formally saving, they will be able to grow economically and officially start contributing to the national economy and usher Bangladesh towards new avenues of growth in terms inequality reduction and greater financial inclusion, all through excess agro goods.