Agrobank Is Honoured In Samoa For Outstanding Work In Financial Inclusion
Apia, SAMOA – Agrobank, a Malaysian- based development financial institution (DFI) receives a prestigious award today from the Association of Development Financing Institutions in Asia Pacific (ADFIAP) for the Bank’s outstanding work in financial inclusion particularly to the agriculture community and underserved segment. The awards ceremony was held in the city of Apia, Samoa on Monday, 2nd May 2016.
The ADFIAP awards, established since 1997, is recognised for honouring individuals and institutions who have contributed significantly to the development of their respective countries.
According to Dato’ Wan Mohd Fadzmi Wan Othman, President/CEO of Agrobank, this international recognition is a testament to Agrobank’s efforts towards providing access to finance, through our financing and services, particularly to the unserved and underserved community.
‘Agrobank was established in 1969 with a clear mandate, which is to provide financial access and credit to the development and growth of the agriculture community in Malaysia. Agrobank strongly supports Bank Negara Malaysia’s initiatives to increase financial inclusion by providing access to range of quality financial services at affordable rates and financing at competitive rates,’ said Dato’ Wan Mohd Fadzmi.
‘In recent years, Agrobank put more focus in developing more innovative products for targeted groups such as ‘Paddy-i’ financing that is designed to cater for seasonal income earners of paddy farmers and also special financing for people with disabilities called ‘AgroBakti’.
‘This is in line with Agrobank’s objectives to expand financial inclusion which is both a development imperative for underserved community and a forward- thinking approach to unlocking economic potential to new market,” said Dato’ Wan Mohd Fadzmi further.
Agrobank is committed to supporting the government’s initiatives towards achieving full financial inclusion which would improve the lives of underserved community and drive economic growth.
In addition to innovative financing, Agrobank’s presence is also focused on servicing rural areas. More than 71% of Agrobank branches and kiosks are located in these areas and in some towns, Agrobank is the only bank servicing the areas..
Agrobank also has appointed 181 banking agents to provide basic banking services nationwide, which is also part of financial inclusion.
Since its corporatisation in 2008, Agrobank provides balanced focused on its developmental and commercial roles. Agrobank now provides full value chain financing for agriculture, including upstream activities such as the supply of agriculture production inputs, to downstream activities such as processing and selling agriculture products to customers.
‘We are deeply honored to receive this prestigious award. This is a recognition for all our employees who have worked tirelessly especially in servicing the unserved and under served community.
“We are also grateful for the strong support extended by Bank Negara Malaysia, Ministry of Finance, Ministry of Agriculture and Agro-based Industry, our board members and stakeholders in realising our vision, Dato’ Wan Mohd Fadzmi further added.