LAHORE, 07 August, 2017:As part of leveraging digitizationto benefit its dairy value chain, Nestlé Pakistan has joined hands with Telenor Microfinance Bank (previously known as Tameer Bank)as the first FMCG to facilitate its dairy farmer base through the provision of digital micro-finance lending.
Under this program, Telenor Bank has been disbursingloans to dairy farmers digitally.The bank has pioneered one of the country’s first data driven digital method in deciding the loan limits with near instant loans. Hence, the loansare disbursed directly to the farmers via Telenor Bank’s mobile banking platform,Easypaisa mobile wallets.Under this program, Telenor Bank has disbursed PKR 7.5 million via digital means to dairy farmers supplying milk to Nestlé Pakistan.
This form of lending has paved the way for easy and affordable access to finance for dairy farmers in rural areas with limited outreach of financial services, and has also supported farmers in improving their financial sustainability. Digital lending has replaced standard paper and cash-flow based application procedures and instead uses digital credit score card and analytics, thus considerably reducing the loan approval turnaround time. This also minimizes the tedious paperwork associated in obtaining loans and ensures that the farmers get access to funds in a safe and convenient manner.
“By leveraging digital expertise, we have been able to extend lending through digital means to our dairy farmers, which initially did not have access to basic financial services. This is a remarkable achievement in our journey of financial inclusion and will contribute greatly towards their financial sustainability,” said John Michael Davis, Chief Financial Officer of Nestlé Pakistan.
Speaking at the occasion, Chief Financial Inclusion Officer and Chief Digital Officer at Telenor Microfinance Bank, Yahya Khan said “We are proud to get into this first of its kind partnership with Nestlé. We share a mutual desire to promote digitization – be it in digital disbursement of dairy farmers’ milk payments or the pioneering use of analytics and digital credit score card to enable them to enhance their milk supplies by the use of affordable digital instant micro-finance loans. Our common mission is to promote instant and affordable digital micro-finance credit.”
Moreover; Adnan Hassan – VP Circle East – Telenor Pakistan said ““Telenor Pakistan in partnership with Telenor Bank &Nestlé Pakistan introduce another first – instant micro-financing for the dairy farmers providing healthy and fresh milk, through a score/performance based lending structure, to enhance our financial inclusion objective.”
About Nestlé Pakistan
Nestlé is the world’s largest food and beverage company. It is present in 191 countries around the world, and its 328,000 employees are committed to Nestlé’s purpose of enhancing quality of life and contributing to a healthier future. Nestlé offers a wide portfolio of products and services for people and their pets throughout their lives. Its more than 2000 brands include local favorites like NESTLÉ MILKPAK, NESTLÉ PURELIFE and NESTLÉ FRUITA VITALS. Company performance is driven by its Nutrition, Health and Wellness strategy. Nestlé is based in the Swiss town of Vevey where it was founded more than 150 years ago.
For further information, please contact:
Corporate Media Relations Manager, Nestlé Pakistan
Email: [email protected]
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About Telenor Microfinance Bank Limited
Telenor Microfinance Bank Limited (formerly Tameer Microfinance Bank), established in 2005, is the first scheduled microfinance bank in Pakistan. In 2009, we launched Pakistan’s first mobile banking platform, Easypaisa, which now has the largest nationwide footprint. Telenor Microfinance Bank was awarded the ‘Best Microfinance Bank’ and ‘Bank the Unbanked’ award at the first Pakistan Banking Awards in 2016.
For more information, please visit: http://www.telenorbank.pk