DIGITT+ SET TO DISRUPT FINTECH IN PAKISTAN THROUGH INNOVATON IN THE AGRI-SECTOR
Introduced by Akhtar Fuiou Technologies (AFT), Digitt+ is Pakistan’s first agriculture focused FinTech, formally approved by State Bank of Pakistan to pilot launch its Electronic Money Institution (EMI). AFT has been invited by the central bank to test its prototype in the DigiLab technological sandbox introduced by International Finance Corporation (IFC).
IFC is working on digitizing financial services through technology to boost financial literacy and promote open banking. As a World Bank Group institution, the International Finance Corporation (IFC) has established IFC DigiLab for financial institutions and FinTech firms with Digitt+ being a new addition. With unprecedented growth in the use of digital delivery channels globally, banks are also digitizing their delivery model and individual operations. Similarly, the emergence of Open Banking is a system that allows third-party access to financial data via an application programming interface (API) – connecting consumers, financial institutions, and third-party service providers.
DigiLab Finance is a capacity building program that equips selected financial institutions – including banks, microfinance institutions and digital financial services providers – with practical knowledge and tools to help them develop digital strategies, helping them adapt and adopt to technological trends accelerated by the COVID-19 pandemic and better serve their clients.
“Digitt+ will offer financial inclusion to farmers, small business and underbanked people through its technology, partnerships, and relationships with agri-businesses and FMCGs in Pakistan. The following would bridge the gap, hence improving human welfare across the country”, said Ahmed Saleemi, the Chief Executive Officer of Akhtar Fuiou Technologies.
According to global financial market trends, Pakistan is on an upward trajectory in developing digitized financial infrastructure. Digitt+ aims to tackle the challenges encountered by developing nations, thus contributing to overall economic stability.
To bridge the gap between financial literacy and inclusion, companies like Digitt+ play an imperative role in creating accessible financial products for the FinTech industry and by integrating fintech and industries, in this case the agriculture, together.