BRAC Bank, Manu Farms sign deal on financing for poultry farmers

BRAC Bank recently signed a partnership agreement with Manu Farms, the proprietor of the integrated Poultry Management Mobile Application "Poultry Manager", to provide agricultural financing to poultry farmers through SME digital microloans.

Syed Abdul Momen, deputy managing director and head of SME banking of the bank, and Muhammad Shahin, co-founder and CEO of Manu Farms, penned the deal at the former's head office in Dhaka, according to a press release.

Under this agreement, the bank will provide financial services to Manu Farms' listed poultry farmers.

The project will initially be launched in Mymensingh, Rajshahi, and Gopalganj, extending banking facilities to farmers and entrepreneurs in these areas.

The 'Poultry Manager' app, fully compliant with Poultry Blockchain and IoT devices, facilitates record-keeping and ensures traceability.

It also assures food safety for customers by providing information on poultry feed details, vaccination, and necessary dates.

Both partners seek to create an ecosystem for micro, small and medium enterprises (MSMEs) nationwide such as marginal poultry farmers by integrating technology and financial services.

The app, which has 5,000 active users, received the Smart Bangladesh Award 2023 from the prime minister.

Among others, Tapos Kumar Roy, head of MFI and agriculture finance of the bank, and Mohammed Jakirul Islam, head of SME strategy, innovation and new business, along with Alif Binte Shahin, co-founder of Manu Farms, and DSM Weazadul Islam, manager, were also present.