iFarmer Limited has recently emerged as the global winner of the 2024 Alliance for Financial Inclusion (AFI) Inclusive Fintech Showcase for its innovative platform designed to empower farmers with easy access to affordable financing, convenient procurement of agri-inputs, expert agri-advisory services, and fair market access for selling produce. iFarmer was the only Bangladeshi company among the winners.
The AFI is a policy leadership alliance owned and piloted by member central banks and financial regulatory institutions with the shared objective of developing financial inclusion at local, regional, and global levels. The AFI Inclusive Fintech Showcase exhibits the world’s most promising Fintech and Regtech innovators, boosting the access, usage, and quality of formal financial services for low-income people in developing countries and emerging markets.
In the 2024 AFI Inclusive Fintech Showcase, twelve finalists presented their innovations virtually to the AFI members, fintech experts, and expert guests in the first week of April. Three winners were chosen through AFI member votes and judges’ scores. iFarmer won first place, followed by Mosabi (Sierra Leone) in second place, and Revfin (India) in third place. All the winners would receive invitations to the 2024 AFI Global Policy Forum in El Salvador, invitations to participate in AFI’s Public-Private Dialogue activities for a year, and one-year membership at the Luxembourg House of Financial Technology.
Mohammad Ikhtiar Sobhan, Head of New Business Opportunities, iFarmer, has represented the organization during the 2024 AFI Inclusive Fintech Showcase. On this occasion, he stated, “iFarmer is proud to shine a light on the real heroes, our farmers. We feel wonder at their resilience and dedication, and we try to transform their hard work into sustainable growth and prosperity.”
Fahad Ifaz, Co-Founder and CEO of iFarmer expressed, “The understanding that we were the only company from Bangladesh to be among the finalists and winners enhances our joy. Our victory is a testament to our dedication to financial inclusion and improving farmers’ livelihoods nationwide. We feel blessed that our continuous hard work of bringing innovative solutions for the farmers has been recognized on such a global stage, and we feel more driven to strengthen our efforts.”
The twelve finalists for the 2024 AFI Inclusive Fintech Showcase were Dots for Inc. (West Africa), eMaisha Pay (Africa), Giesecke+Devrient (Germany), GoodTech Information Systems Inc. (Philippines), Hello Tractor Kenya Limited (Kenya), iFarmer Limited (Bangladesh), Jumo (Ghana), Mosabi (Sierra Leone), myStash (Nigeria), Pertence (Mozambique), Revfin (India), and Xchange Box Solutions (Nigeria).