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Project initiated by iFarmer and UCB enables maize and chili farmers to repay loans in advance.

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iFarmer and United Commercial Bank PLC have been successfully conducting the project of bank financing and repayment with maize and chili farmers since November 2023. Under the project, two companies recently organized a formal discussion meeting on May 13, 2024, at Kazipur in Sirajganj, where over 70 farmers participated in repaying loans in advance.

Under the project, the farmers have also received other facilities, including weather updates, high-quality agricultural inputs, and advisory services. The project allowed farmers to receive financial support from United Commercial Bank PLC (UCB) for maize and chili harvest. The project was initiated in November 2023, with 173 farmers and will end in July 2024.

Now, farmers are preparing to collect the final harvest of maize and chili. During the meeting, the farmers also discussed their problems and how they could solve them. Md. Hafizur Rahman, a farmer from kazipur who was present at the event, commented, “iFarmer and UCB’s project has helped us immensely. Previously, I had faced problems with chili farming because of financial constraints, but after taking the loan, I could cultivate the land and successfully grow crops. Now, I am not only reaping benefits but have also been able to repay my loans in advance. iFarmer has also provided me with various agricultural-related knowledge that has helped me in my farming.”

Jamil M Akbar, Co-founder & COO, iFarmer, added, “Farmers play a pivotal role in our economy, and we aim to make financial services accessible to all the farmers so that they can conveniently work. Financial inclusion of farmers is critical, and we will continue working towards such initiatives in the future. Our previous maize project was successful; now, we are doing it with chili and maize. We feel happy to see that our initiative with UCB has been well received and has significantly impacted farmers’ lives and work. I want to thank UCB for collaborating with us to help the farmers.”

Representatives from United Commercial Bank attended the formal discussion meeting, including Arifat Siraji, Branch Officer, and Nupur Karmakar, Branch Manager. The meeting was participated in by personnel from iFarmer, including Kazi Fahim Farhan Sajid, Executive, Financial Product & Service; Md. Tanzil UI Mousuf, Training and Research Officer; Anwar Hossain, Regional Coordinator; Md. Rezaul Karim, Area Coordinator; and Aminul Islam, Area Manager.

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