iFarmer and EBL team up to ensure easy financing for local farmers

To simplify the process of financing farmers and make agricultural funding more equitable, iFarmer and Eastern Bank Ltd PLC (EBL) have recently signed a Memorandum of Understanding (MoU), says a media statement.

M Khorshed Anowar, DMD and Head of Retail and SME Banking, EBL; and Fahad Ifaz, CEO and Co-founder, iFarmer, signed the agreement on behalf of their organisations at the bank’s head office in Dhaka.

Agricultural endeavours often demand high upfront costs for seeds, equipment, and infrastructure, while returns may take months or even years to materialise. Bangladeshi farmers also remain vulnerable to unpredictable weather conditions, market fluctuations, and pests, which can hamper their ability to repay loans. There has always been a critical need for collaborative efforts from corporates to streamline the financing measures for local farmers.

Reflecting on this, EBL will now use iFarmer's farmer risk score, field monitoring, and last-mile support to provide farmers with their deserving amount of money. On the other hand, iFarmer will facilitate agriculture loans to farmers directly from the bank.

Among the present dignitaries were Syed Zulkar Nayen, Head of Business, EBL; Mohammad Salekeen Ibrahim, Head of Asset, EBL; Md. Shabu Munshi, Head of Asset, SME, EBL; Irfan Islam, Banking and Financial Sector Advisor, iFarmer; Forhad Julfiker Rafel, Vice President of Field Operations; iFarmer; Ettesam Bari Rio, Assistant Manager-Financial Product & Service, iFarmer; and Kazi Fahim Farhan Sajid, Executive-Financial Product & Service, iFarmer.