MMBL, FBTL sign MoU to provide agri machinery

ISLAMABAD: Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has signed a memorandum of understanding (MoU) with Fecto Belarus Tractors Private Limited (FBTL), a pioneer in introducing Russian-based technology tractors in Pakistan since 1962, a statement said on Wednesday.

Under this collaboration, the customers will be able to finance FBTL Tractors through MMBL’s range of agri-products.

Ghazanfar Azzam, president and CEO of MMBL, and CEO of FBTL, Muhammad Raza, signed the MoU in Islamabad in the presence of senior officials from both organisations.

The arrangement will further strengthen MMBL’s agri-products portfolio that caters to the various financial needs of smallholder farmers across the country.

Ghazanfar Azzam, president and MMBL CEO said, “We are excited to expand our range of agri-products offerings by allowing our customers to finance FBTL’s tractors through MMBL. Pakistan’s agriculture sector has a lot of untapped potential. Over the years, MMBL has provided continuous financial facilitation to the country’s farmers and agribusinesses through its wide range of agri-products designed to meet their specific financial needs.”

“Under our collaboration with FBTL, we hope to significantly benefit smallholder farmers by helping them acquire better machines based on superior technology and; thereby, accelerate the growth of the country’s agricultural sector.”

FBTL Pakistan CEO Muhammad Raza said: “We are glad to partner up with MMBL to offer FBTL’s flagship tractor Belarus-510 to their customers. FBTL has been providing superior quality and high-performance agricultural machinery to enhance agricultural output in Pakistan for decades. These tractors are very effective in hard and rocky soils in different areas of Pakistan.”

“Our country’s economy is heavily dependent on its agriculture sector and; therefore, it is crucial to constantly optimise its productivity through innovation and modernisation. I am positive that through this collaboration with MMBL, we will be able to foster the agricultural sector development in Pakistan further.”

MMBL is committed to promoting financial inclusion for all through its vast product portfolio, comprising digital and financial services, made accessible through its expansive branch and branchless network spread across Pakistan, including remote areas. The bank has a custom product range to cater to the varying financial requirements of small farming families to help them grow their businesses and contribute towards the country’s GDP.