KARACHI: Naymat Collateral Management Company Ltd (NCMCL), Pakistan’s first collateral management company, has joined forces with HBL for the development of Electronic Warehouse Receipt (EWR) ecosystem in the country.
EWR, the first of its kind in Pakistan, is a digital instrument which gives financial institutions real time information and access to farmers, traders, processors and aggregators who have placed their produce in an accredited warehouse, significantly reducing transaction costs and operational risks.
Through this agreement, HBL and NCMCL will work towards poverty alleviation and enhanced inclusive growth targeted towards the rural population of Pakistan. This partnership will ensure that rural communities get easy access to finance.
Kashif Umar Thanvi, Head – Rural Banking, HBL commented, “HBL is a market leader in farmer finance amongst commercial banks. The Bank has actively partnered with farmers across Pakistan for the timely provision of financial services to achieve the common objective of better crop yields and enhanced farm productivity. HBL is excited to partner with Naymat Collateral Management Company as this newly developed ecosystem will enhance financing to farmers and rural communities.”
Speaking on the occasion, Naveed Qazi – CEO, NCMCL stated, “Through this agreement, price anomalies that exist in the agricultural value chain will be eliminated and will save the small holder farmer from the distress sale of commodities.”