A tripartite agreement between adorsho praniSheba Limited, BRAC Bank Limited and Phoenix Insurance Company Limited were signed on Wednesday over inauguration of ‘Khamari’- a technology driven working capital support to cattle and livestock farmers.
The agreement ceremony was arranged over social media and it was simultaneously aired over Facebook Live, says a press release.
As per the agreement, BRAC Bank will offer hassle free working capital support to the farmers who want loans for livestock and cattle for commercial and personal purposes. Phoenix Insurance will provide insurance coverage for cattle and livestock and on the other hand praniSheba will provide the Radio Frequency Identification (RFID) tracking system and facial recognition by artificial intelligence for livestock.
Planning minister MA Mannan MP was present as the chief guest at the inaugural function.
In his speech, the minister expressed his full support for such an initiative on behalf of the government. He also mentioned that the platform is a necessity and that he will provide full support as a constitutional regulator.
He hoped that the efforts of adorsho praniSheba Limited, BRAC Bank Limited and Phoenix Insurance Company Limited in the form of “Khamari” achieves further progress and success for the betterment of agriculture and the economy.
“It is our prime minister’s dream to bring financial inclusion to every remote region of Bangladesh and I firmly believe that “Khamari” will be able to fulfill that dream,” he added.
Fida Haq, managing director and chief executive officer of adorsho praniSheba limited said, “The purpose of praniSheba is to contribute to the overall economic development of cattle farms, including the provision of livestock insurance using technology on mobile platforms in remote rural areas of the country."
He also added that due to lack of proper identification of livestock in the past, the cattle insurance sector could not be properly implemented leading to its eventual closure.
Since pranisheba service is able to collect livestock information in a digital manner, he expressed hope that a new age for the cattle insurance industry will be ushered in Bangladesh.
Selim RF Hussain, managing director and CEO of BRAC Bank Limited hoped that the platform will one day spread to remote areas of the country.
Managing director and CEO of Phoenix Insurance Jamirul Islam said, "Cattle is an expensive asset for a farmer. This project aims to reduce the financial risk associated with this expensive asset.”
He added that it is important to bring 24-28 million livestock under insurance facilities using technology.
Livestock researcher and columnist Aolad Hossain, president of Bangladesh Veterinary Association SM Nazrul Islam and Brac Bank’s head of SME Syed Abdul Momen, were among others present at the ceremony conducted by the bank’s head of employee banking Khandaker Emdadul Haque.