The Habib Bank Limited (HBL), Pakistan’s leading financial institution, has entered into a strategic partnership with Agrilift, to accelerate the digitization efforts in the agrarian sector of Pakistan.
This move reiterates HBL’s commitment to playing a leading role in developing the agrarian sector and promoting food security, under the guidance of the Aga Khan Fund for Economic Development (AKFED) and in line with Pakistan’s strategic priorities.
Agrilift, a pioneer in innovative agricultural solutions, is collaborating with HBL to deploy its advanced ‘Farm Monitoring’ solution, AgriliftSmartRisk.
This state-of-the-art solution will provide HBL with invaluable insights into farming practices, crop yields, and potential risks. By leveraging AgriliftSmartRisk, HBL aims to enhance its credit limits for farmers, based on performance data.
Commenting on the collaboration, Ahmed Naazer Minhaj, Head Agriculture Banking – HBL, stated, “By harnessing Agrilift’s technology, HBL is poised to revolutionize the crop lending cycle, ensuring greater financial inclusion and security for farmers. This partnership will provide farmers with the tools they need to optimize their farm practices.”
Speaking on the occasion, Jawwad Hasan, CEO – Agrilift, said, “This collaboration with HBL aligns perfectly with our strategic vision to reshape Pakistan’s agricultural sector. By integrating AgriliftSmartRisk into HBL’s operations, we are enabling data-driven decision-making that will not only benefit HBL but also empower farmers across the country.”
Agrilift is an AI-based platform offering crop monitoring technology. It offers solutions for farm performance, yield valuation and risk assessment platform. It uses drones that take overhead images of crops at different time intervals. Its technology allows for real-time monitoring of crop health, soil moisture, and pest count.
Established in 1941 by the Habib Family, Habib Bank Limited (HBL) is Pakistan's oldest, largest and the first commercial bank. In 1951, it opened its first international branch in Colombo, Sri Lanka. In 1972, the bank moved its headquarters to the Habib Bank Plaza, which became the tallest building in South Asia at the time. The Government nationalized the bank in 1974 and privatized it in 2004; at that time, the Aga Khan Fund for Economic Development (AKFED) acquired a controlling share and management control.
The Bank's owners now comprise AKFED (51%), and the remaining 49% of shares are in free float. CDC Group holds 4.99%, and the International Finance Corporation holds 0.87%, while individuals, institutions, and funds hold the rest of the shares.
