Digital Agri Loan Qorus-Infosys Finacle Banking Innovation Awards 2024

The Digital Agri Loan project aims to empower unbanked farmers in Bangladesh by providing quick and secure access to loans, thereby enhancing financial inclusion and supporting the agricultural sector, a vital component of the country's economy. Traditional banking methods often fail to reach rural farmers, many of whom lack a ledgering history, leading to an urgent need for a more efficient, technology-driven solution. Digital Agri Loan addresses this by utilizing an AI-based scoring system that leverages agricultural knowledge and socio-economic profiles to build alternate credit assessments. This system generates loan recommendations within 10 seconds and includes robust fraud detection mechanisms to ensure reliable lending.

Once farmers are onboarded, their repayment history and data from other customers are used to refine the credit assessment process, improving the accuracy of loan recommendations for new applicants. Our main competitors are traditional banks and microfinance institutions, which typically have slower approval processes and limited rural reach. The inspiration for this project stems from the necessity to support agriculture and the success of digital financial services in other developing countries.

So far, the project has achieved rapid loan processing, expanded financial access for numerous unbanked farmers, and established strong security measures to minimize defaults, receiving positive feedback from the farming community. In essence, Digital Agri Loan is making significant strides in bridging the financial gap for unbanked farmers in Bangladesh, ensuring they receive timely and secure financial support to sustain and grow their agricultural activities.