Jiye Technologies announces first-of-its-kind ‘Agri-Tech’ BNPL feature in Pakistan
LAHORE ( Web News )
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 financing product for farmers and businesses across Pakistan under its program called ‘Jiye Khushhaal Karobar’. The digital financing service will empower farmers, retailers, and businesses with quick, easy, and convenient access to credit to sustainably grow their revenue.
The initiative has become possible through the close integration of Jiye Technologies with licensed financing entities to help uplift the Pakistani agricultural sector with added liquidity. Small farmers, retailers, along with the other stakeholders would be able to get access to up to 50,000 PKR worth of micro-loans that have the ability to be increased over time. The BNPL program has been started with aggressive expansion plans with input integrations to the farmers and agricultural sector to be introduced in the near future.
Speaking at the occasion, Ali Amin Co-Founder, Jiye Technologies, said, “Hailing from an agriculture background, I have always felt that enabling businesses and farmers with access to smart credit would really help uplift their income and help them grow; our BNPL solution is one of the many initiatives under ‘Jiye Khushal Karobar Program’ that is designed with their needs in mind. We want to extend a helping hand to empower our partner SMEs and marginalized farmers so that they have the ability to sustainably grow their business and livelihoods”
A large majority of farmers and retailers are underserved in Pakistan by the financial sector, often forcing them to turn to predatory loan sharks for their business needs. To help bring unbanked businesses into the financial net and improve financial inclusion, this will be the first time that the Agri-Tech sector has created a digital financing solution that caters to their working capital needs. The Jiye Technologies BNPL solution offers them fair and transparent credit terms with flexible payback schedules ranging from 4-15 days and multiple payment methods including through digital wallet deposits.
The Jiye Khushaal Karobaar Program’s BNPL solution offers multiple SKUs of fruits and vegetables in advance for the value amount of the loan, so that retailers are able to generate increased sales and escape debt traps. The move is strategic as it helps fresh-produce business owners to move one step closer to independent sustainable business operations.
The platform is working to revolutionize the agricultural sector in Pakistan by providing farmers easy access to inputs, democratizing access to major markets and convenient sourcing to retailers through lean supply chain ecosystems. Jiye Technologies also intends to expand into further verticals to enhance their business support initiatives and also to build a highly efficient agricultural value supply chain across the country.