Jiye Technologies, the fastest growing Agri-Tech platform in Pakistan, has announced a first-of-its-kind business-to-business (B2B) buy now pay later (BNPL) feature through a digital finance product for farmers and businesses across Pakistan under its program called “Jiye Khushhaal Karobar”.
The digital finance service will give farmers, retailers and businesses quick, easy and convenient access to credit to sustainably increase their income.
The initiative has become possible through Jiye Technologies’ tight integration with approved financing entities to help elevate Pakistan’s agricultural sector with additional liquidity. Smallholder farmers, retailers and other stakeholders could initially access funding of up to PKR 50,000; Additionally, they have the option of increasing their credit limit once they have successfully repaid previous loans. The BNPL program has been launched with aggressive expansion plans with input integrations for farmers and the agriculture sector to be introduced in the near future.
Speaking on the occasion, Ali Amin, co-founder of Jiye Technologies, said, “Coming from an agricultural background, I always thought that enabling businesses and farmers to access smart credit would really help increase their income and help them grow; our BNPL solution is one of the many initiatives of the “Jiye Khushal Karobar program” which is designed with their needs in mind. We want to reach out to empower our SME partners and marginalized farmers to sustainably grow their business and livelihoods”
A large majority of farmers and retailers in Pakistan are underserved by the financial sector, which often forces them to turn to predatory loan sharks for their business needs. To help bring unbanked businesses into the financial network and improve financial inclusion, this will be the first time the Agri-Tech sector has created a digital finance solution that meets their working capital needs. The Jiye Technologies BNPL solution offers them fair and transparent credit terms with flexible repayment schedules ranging from 4 to 15 days and multiple payment methods, including via digital wallet deposits.
The Jiye Khushaal Karobaar program’s BNPL solution offers multiple fruit and vegetable SKUs up-front for loan value, so retailers can drive increased sales and escape debt traps. This move is strategic as it helps fresh produce business owners move closer to independent sustainable business operations.
The platform strives to revolutionize the agricultural sector in Pakistan by providing farmers with easy access to inputs, democratizing access to key markets, and making it easier to supply retailers through lean supply chain ecosystems. . Jiye Technologies also intends to expand into other verticals to enhance its business support initiatives and also to build a highly efficient agricultural supply chain across the country.