United Commercial Bank Ltd (UCB): Agro Banking

Over 33% of Bangladesh's population are without a bank account and most of them are farmers. They live a tough, hand to mouth life and grow their own food. Often their excess produce is either wasted or sold to middlemen at unfair prices, leaving the farmers with no savings, no security and no hope for a better future. So how do you get farmers to save money and get fair prices? By implementing the world’s first initiative that transforms fresh fruits and vegetables into bank accounts -AgroBanking. Agency: Grey Group, Bangladesh
United Commercial Bank (UCB) one of Bangladesh’s largest banks, collaborated with local retail giant Shwapno, to help find a solution. They launched an initiative in the village of Barinagar, located in the Jessore District of Bangladesh, to let the farmers know that excess produce can be turned into future savings. In just one day, over 200 farmers signed up and thronged to the village market with their produce. They handed it over at one of the AgroBanking stations where it was bought at Shwapno’s fair price list and the income from the farmers’ sales were deposited directly into free, UCB mobile microsaving accounts.