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Monday September 25, 2023

SBP BSC programme for farmers

By Our Correspondent
September 19, 2023

KARACHI: The SBP Banking Services Corporation (SBP BSC) has launched a nationwide program to educate farmers about the available financial schemes and government initiatives, a statement said on Monday.

The Agriculture Finance Literacy Program (AFLP) is a flagship initiative that aims to raise awareness among the farming community and promote financial inclusion, the statement said.

The program, which was recommended by the Agricultural Credit Advisory Committee, brings together all major stakeholders, including the central bank, commercial banks, federal and provincial governments, to engage with farmers collectively.

AFLP covers various aspects of agricultural finance, with a primary focus on reaching out to new and potential borrowers, especially women and those from under-served regions. The program also seeks to address the financing needs of farmers in different sectors, such as crop, livestock, poultry and fisheries.

Over the next five years, AFLP aspires to integrate 500,000 farmers into the financial ecosystem, the statement said. The program will contribute to Pakistan’s agricultural growth and sustainability by effectively addressing the primary constraint of financing requirements, it added.

As part of the program launch, the Financial Inclusion Support Department of SBP BSC has conducted a series of five workshops in major cities, including Karachi, Quetta, Lahore, Rawalpindi and Peshawar.

The workshops were aimed at sensitizing bank officials and provincial departments who will take forward the literacy program at the grass root level.

The workshops saw active participation from focal persons representing commercial banks and representatives from provincial agriculture extension departments, livestock departments and fisheries departments of these regions.

The statement said that the collaborative endeavor underscores the collective commitment of SBP, SBP BSC and various stakeholders for empowering the farming community, advancing financial inclusion and propelling agricultural growth throughout Pakistan.