Alliance Finance, Agroshift Technologies partner to provide Agricultural Financial Services

Alliance Finance PLC (AFPLC) and Agroshift Technologies Limited have come together in a collaborative partnership aimed at  the financial services landscape in Bangladesh across the agricultural and food value chain.

This strategic alliance seeks to harness technology's power to deliver innovative financial solutions to consumers and agricultural suppliers - farmers, traders and SMEs nationwide.

The Memorandum of Understanding (MoU) between AFPLC and Agroshift establishes a comprehensive framework for collaboration. Under this agreement,AFPLC, a prominent Non-Bank Financial Institution (NBFI) in Bangladesh, will utilise Agroshift's technology platform to offer financial services to its customers.

This partnership will introduce an innovative financing product and digital solution tailored to the needs of consumers and suppliers on Agroshift's platform. Through this collaboration, consumers will gain access to convenient credit options, allowing them to defer payments for grocery purchases made via the Agroshift tech platform. Additionally, the partnership will facilitate agricultural trade financing within Agroshift's extensive farmer, trader and manufacturing network, targeting unbanked and underserved producers in the agro-commodities sector.

In response to the partnership,Kanti Kumar Saha, Chief Executive Officer of AFPLC, expressed enthusiasm about its potential to transform Bangladesh's financial landscape. "We are excited to collaborate with Agroshift to introduce innovative financial solutions that empower consumers and suppliers nationwide. By leveraging technology, we aim to offer convenient and accessible financial services that meet the evolving needs of consumers"

Similarly, Qazi Bouland Mussabbir, Managing Director and Chief Executive Officer of Agroshift, emphasised the partnership's significance in driving digital transformation within the financial sector. "At Agroshift, we are dedicated to leveraging technology for inclusive growth and community empowerment. Our partnership with AFPLC represents a significant milestone in our journey toward reshaping financial services in Bangladesh. Together, we are poised to unlock new opportunities and create value in the agricultural value chain - from consumers and suppliers alike."

For consumer financing, Qazi said the focus will be for low-income consumers to access essential groceries, predominantly consisting of agricultural foods. By Leveraging Agroshift platform, low-income consumers will have access to convenient credit options, enabling them to purchase essential groceries and defer payments as needed. In this phase, the consumer finance service will be centred around  Ready-Made Garments (RMG) workers. "Agroshift recognizes the vital role of Ready-Made Garments (RMG) workers play in the economy. By starting with RMG workers, Agroshift aims to address the financial needs of this important demographic, providing them with access to convenient and accessible financial services to buy food groceries through the Agroshift platform. This approach not only empowers RMG workers but also strengthens Bangladesh's fintech ecosystem by including a vital segment of the population in the digital financial revolution" he said. 

About Alliance Finance PLC (AFPLC): Alliance Finance PLC (AFPLC) is a leading Non-Bank Financial Institution (NBFI) in Bangladesh, dedicated to providing innovative financial solutions to individuals and businesses. With a customer-centric approach, AFPLC offers a diverse range of financial products and services tailored to meet clients' varied needs.

About Agroshift Technologies Limited: Agroshift Technologies Limited is engaged in the business of providing digital grocery services of essentials in agricultural food to consumers, by building an end-to-end tech-enabled supply chain connecting consumers directly to suppliers - farmers, traders, and processors by taking care of demand aggregation, sourcing, and delivery, with a focus on serving low-income consumers, starting with RMG factory workers who collectively form a very large untapped opportunity for digital inclusivity and services.