Jiye Technologies, which claims to be the fastest growing Agri-Tech platform in Pakistan has announced a business-to-business (B2B) Buy Now, Pay Later (BNPL) feature through a digital financing product for farmers and businesses across the country, under its program called “Jiye Khushhaal Karobar.”
The digital financing service will aim to support farmers, retailers, and businesses with fast, easy, and convenient access to credit in order to sustainably increase their revenue.
The project has been made possible via the close integration of Jiye Technologies with approved financing organizations in order to assist with uplifting the Pakistani agricultural industry with added liquidity.
Small farmers, retailers, as well as the other stakeholders will be able to get access to financing for as much as 50,000 PKR (around $300); plus have the option to boost their credit limit once they repay previous loans.
The BNPL program has been started with ongoing expansion plans with input integrations to the farmers and agricultural industry to be introduced in the foreseeable future.
Ali Amin, Co-Founder at Jiye Technologies, stated:
“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 majority of farmers and retailers are currently underserved in Pakistan by the traditional financial sector, often forcing them to turn to loan sharks for their business requirements.
In order help bring unbanked businesses into the formal economy and enhance financial inclusion, this will reportedly be the first time that the Agri-Tech sector has established a digital financing solution that caters to their working capital requirements.
The Jiye Technologies BNPL solution provides them fair and transparent credit terms with flexible payback plans ranging anywhere from 4-15 days and various payment methods via digital wallet deposits.
The Jiye Khushaal Karobaar Program’s BNPL solution provides several different SKUs of fruits and vegetables in advance for the value amount of the loan, so that retailers can make increased sales and avoid debt traps.
The latest announcement is important as it helps fresh-produce business owners to get closer to independent sustainable business operations.
The platform is currently working to streamline Pakistan’s agricultural industry by offering farmers access to inputs, democratizing access to key markets and easy sourcing to retailers via lean supply chain ecosystems.
Jiye Technologies also plans to expand other verticals to improve their business support initiatives and also to establish a more efficient agricultural value supply chain across the nation.