It partnered Phoenix Insurance and Adorsho Pranisheba Limited to boost the livestock industry.
BRAC Bank, in partnership with Phoenix Insurance and Adorsho Pranisheba Limited, has launched a project for cattle farmers in Bangladesh.
The project, dubbed Khamari, will ensure financial support and inclusion of the livestock farmers. It will also provide the farmers with digital means for better cattle-caring, said a press release.
The livestock will also be insured so that the farmers can benefit from mitigating the risk of livestock loss caused by accidental death, diseases, partial disability, or even death during calving.
MA Mannan, minister for planning, formally inaugurated Khamari at a virtual ceremony held on 30 December.
Selim RF Hussain, managing director and CEO of BRAC Bank; Md Jamirul Islam, managing director and CEO of Phoenix Insurance; Fida Haq, managing director and CEO of Adorsho Pranisheba Limited; Syed Abdul Momen, head of SME banking of BRAC Bank; Dr Aolad Hossain, livestock researcher and columnist; and Dr SM Nazrul Islam, president of Bangladesh Veterinary Association; among others, were present at the inauguration.
The planning minister expressed optimism that the Khamari project will further develop and enrich the country's livestock sector.
"It will encourage our farmers to raise livestock commercially and create new entrepreneurs across the country, especially in rural areas. Khamari will surely strengthen the economy," he added.
Selim RF Hussain said since its inception, BRAC Bank has a particular focus on SME financing with a broader vision of financial inclusion and pro-poor growth.
"Khamari, I think, will boost the country's cattle rearing sector and encourage more people to start farming commercially on a bigger scale. This initiative bears testimony to the bank's commitment to digital experience as well as inclusive banking, especially for the small and marginal farmers," he said.
Phoenix Insurance CEO Md Jamirul Islam said: "We are excited to roll out insurance coverage facility for the cattle farmers. We shall continue to introduce more innovative products in partnerships to cater to the needs of the small businesses."
Phoenix Insurance will provide full insurance with support from Adorsho Pranisheba, who will provide IoT Tracking System and Facial Recognition by Artificial Intelligence for livestock in this project.
Fida Haq explained how the Pranisheba App will work for the farmers and how they could benefit from this digital cattle monitoring platform. He said, "The purpose of Pranisheba is to contribute to the overall economic development of cattle farms, including the provision of livestock insurance using technology in rural areas of the country".
He expressed confidence that with Khamari, a new age for the cattle insurance industry will rise in Bangladesh.