BRAC Bank, IFPRI to build digital financing ecosystem for Bangladeshi farmers with support from the Gates Foundation

Dhaka : BRAC Bank and the International Food Policy Research Institute (IFPRI) have partnered to expand digital payments and access to formal credit across Bangladesh’s agricultural value chains.

The Gates Foundation supports the initiative, developed under FINNOVISION, BRAC Bank’s impact-driven SME Innovation Lab.

The two-year pilot, running until October 2028, will bring farmers and agricultural input retailers into the digital payments ecosystem. Their digital transaction histories will then help assess creditworthiness and facilitate access to formal financing for individuals and businesses that have traditionally relied on informal sources of credit. The initiative aims to reach 50,000 farmers and 1,500 agricultural input retailers.

Headquartered in Washington, DC, IFPRI is one of the world’s leading food policy research organisations and part of CGIAR, the global agricultural research partnership.

BRAC Bank and IFPRI will jointly design and deliver payment and credit solutions through the bank’s digital platforms – Astha, Shafollo and Jibika – as well as its Agent Banking network. IFPRI will lead rigorous impact research, including randomised evaluations, to identify the factors driving adoption and assess the approach’s effectiveness and scalability. The evidence generated will inform policymakers and help shape the potential for wider national adoption.

Syed Abdul Momen, Additional Managing Director and Head of SME Banking at BRAC Bank, and Johan Swinnen, Director General of IFPRI, signed the partnership agreement. From BRAC Bank, Md. Shaheen Iqbal, CFA, Additional Managing Director and Head of Wholesale Banking, was present. Representing the IFPRI, Dr. Kate Ambler, Senior Research Fellow; Dr. Moogdho Mahzab, IFPRI Country Representative for Bangladesh; and Dr. Mehrab Bakhtiar, Research Fellow and Project Lead, were present.

Commenting on the initiative, Syed Abdul Momen said: “Farmers and small agricultural businesses are vital to the economy and food security, yet many continue to face barriers to accessing formal finance. By converting everyday digital transactions into a pathway to credit, we can help make their financial activities more visible and their creditworthiness easier to assess. The partnership will help bridge the gap between digital payment adoption and access to appropriate financing. The collaboration will help farmers and agricultural input retailers strengthen their businesses, manage working capital and pursue growth opportunities.”

“This is a unique initiative that brings together a leading bank and world-class research to advance digital financial inclusion in Bangladesh,” said Snigdha Ali, Country Program Officer, Gates Foundation. “When a farmer’s everyday digital payments can open the door to formal credit, it changes what is possible for their livelihood. We are proud to support a partnership built on evidence, with the potential to reach farmers across the country.”

“Millions of farmers in Bangladesh still sit outside the formal financial system,” said Dr. Mehrab Bakhtiar. “Through this partnership, we will study how digital financial solutions change farmers’ lives and what it takes to bring them fully into the digital financial ecosystem. Our goal is to produce evidence that turns a successful pilot into a national model for financing agriculture.”

Press Release