Bangladesh is the world’s third-largest producer of rice, and agriculture remains the backbone of the economy, employing around 40% of the workforce. Despite achieving self-sufficiency in food production, the sector still faces challenges such as limited access to formal finance, quality inputs, and modern farming knowledge. This is where iFarmer comes in—a pioneering agri-tech platform that offers smallholder farmers a comprehensive suite of solutions, including finance, technology, expert advice, and market linkages.
In this interview with Fintech, Reasat Hayder, Head of Agri Input and Marketing at iFarmer, delves into how the company is empowering farmers, bridging gaps in the agricultural sector, and using technology to revolutionise livelihoods.
Fintech: How do you define the success of iFarmer at this moment? How did it develop into a one-stop, tech-friendly solution for smallholder farmers?
We see iFarmer’s success in the positive livelihood changes of the farmers and agricultural stakeholders we support. It’s all about empowering them with the tools they need to thrive. iFarmer started with a simple idea: to make farming easier and more profitable for farmers.
Over time, we’ve evolved into a full-fledged agri-tech platform offering a range of services, including financing, high-quality inputs, advisory, insurance, and product buy-back programs. In Bangladesh, there are around 20 million smallholder farmers, with over 70% lacking access to formal finance. This often forces them to rely on high-interest loans and leaves them without access to modern farming techniques or fair markets.
Our tools address these challenges. For example, our app FOLON provides farmers with advanced advisory content, aiming to be a 360-degree agri-solution. Similarly, our Sofol app is used by iFarmer Center agents to facilitate services such as input finance and advisory packages. Agri-input retailers can also benefit from our Kri-Shop app, which acts as an e-commerce platform to access quality products at competitive prices.
Fintech: When did you decide to join iFarmer? What motivated you to become part of this growing startup?
iFarmer launched in 2019, and I joined the team in 2022. What drew me to iFarmer was its potential and the opportunity to work in an untapped sector like agriculture. This field offers immense scope for digital transformation and sustainable practices.
Being part of a young and innovative team dedicated to improving agriculture and farmers’ lives was inspiring. The learning opportunities and the ability to contribute to meaningful change made this role impossible to pass up.
Fintech: What changes have you observed between your current workplace and your former role at British American Tobacco?
The contrast is significant. At BAT, everything was structured and operated on a large scale. Here at iFarmer, we blend digital and traditional marketing to connect with rural agricultural stakeholders.
Our approach increases digital literacy among farmers while encouraging young entrepreneurs to explore agriculture. The goal is to ensure even the most remote communities benefit from technological advancements.
Fintech: iFarmer educates farmers on agricultural inputs and decision-making. How does this process work?
We act as personal advisors for farmers. Our Kri-Shop app provides access to quality agricultural inputs at fair market prices. Additionally, field agents and agriculture advisors conduct regular training sessions.
Our team of 250 field scouts works with over 14,000 retailers to ensure farmers have access to more than 1,600 SKUs of high-quality inputs. This network guarantees that farmers can make informed decisions.
Fintech: Beyond training and financing, what other services does iFarmer offer?
We focus on innovation, leveraging technologies like IoT sensors, remote sensing, and machine learning to provide tailored solutions for crops, fisheries, and livestock.
We’re also developing a credit-scoring model to better align financial services with individual farmers’ needs.
Fintech: Were farmers initially receptive to using iFarmer’s mobile apps?
There was a learning curve, especially among older farmers. However, with consistent training and by making the apps user-friendly, adoption has grown significantly.
Our Kri-Shop app, for example, has over 5,000 downloads and processes 1,000 monthly orders. Farmers quickly realised the tangible benefits of these tools, making them indispensable.
Fintech: What challenges did you face when rolling out the Kri-Shop and Sofol apps?
The biggest hurdle was ensuring reliable internet connectivity in rural areas. We’ve addressed this by introducing offline features and improving network access.
Additionally, smartphone penetration was initially low—only 33% of farmers had access. Today, that figure has risen to 60%, thanks to our efforts to promote accessibility and provide training.
Fintech: How does iFarmer collaborate with financial institutions to offer loans?
We partner with seven banks, including Mutual Trust Bank and Brac Bank, to provide affordable loans. Farmers apply through us, and we assess their creditworthiness before connecting them to financing options.
Our latest initiative, the Cashless Farmer Card program, developed with VISA and UCB, enables cashless transactions for agricultural inputs—a significant step towards modernising agricultural commerce in Bangladesh.
Fintech: How many farmers are currently part of the iFarmer ecosystem, and what impact has the platform had on their livelihoods?
We’re empowering over 120,000 farmers, 46% of whom are women, and aim to reach 300,000 by 2025. On average, farmers save $187 annually through reduced interest rates and $146 by selling produce to iFarmer at fair prices.
Additionally, timely advice has helped reduce fertiliser and pesticide costs by 30% without compromising yields. These savings translate to better incomes and more opportunities for farmers to invest in their communities.
Fintech: How does iFarmer differentiate itself in the competitive agri-tech sector?
iFarmer is a comprehensive one-stop solution, addressing finance, inputs, advice, and market linkages—all under one roof. While others focus on specific areas, we aim to bridge multiple gaps in the agriculture ecosystem.
Rather than viewing other organisations as competitors, we see them as partners in driving the sector forward and ensuring national food security.
