Agrobank Empowers Entrepreneurial Community Through Exclusive Farmers’ Market Cashless Entrepreneur Package

SERDANG, 18 SEPTEMBER 2024 – Agrobank today signed a memorandum of understanding (MoU) with the Federal Agricultural Marketing Authority (FAMA) and launched the Exclusive Cashless Farmers’ Market Entrepreneur Package. This initiative, which began in June 2024, aims to empower farmers’ market entrepreneurs by transitioning their businesses from traditional cash[1]based methods to cashless transactions

According to Agrobank President/Chief Executive Officer Dato’ Tengku Ahmad Badli Shah Raja Hussin, “This package is available to all Agrobank customers, both new and existing, who are registered as farmers’ market entrepreneurs under FAMA across Malaysia, except for Sabah and Sarawak. It covers a wide range of traders, including sellers of produce, meat, seafood, groceries, prepared foods, ornamental fish, agricultural inputs, and traditional medicine.”

The program initially targets 500 Farmers’ Market entrepreneurs in the Klang Valley, with plans to expand throughout Peninsular Malaysia. Additionally, Agrobank has allocated RM25 million for micro-financing to support these entrepreneurs.

He also said, “Entrepreneurs will receive a folding canopy in collaboration with Agrobank and FAMA, will writing services, an Agrobank debit card, personal accident takaful protection up to RM20,000, and a QR code standee. These items represent an initial investment to help entrepreneurs launch their businesses.”

“In addition to opening up opportunities for more inclusive financing access, the use of QR codes increases transaction efficiency as payments can be made quickly and easily. It also reduces risks in cash handling where vendors can monitor sales and financial records through online transactions,” he added.

The signing of the memorandum of understanding (MoU) was completed by Zahid Ahmad Zawawi, Chief Operations Officer of Agrobank and Mr. Abdul Rashid Bahri, Director General of FAMA, witnessed by YB Datuk Seri Haji Mohamad Sabu, Minister of Agriculture and Food Security.

Also present were YBrs. En. Aminuddin Amenon, Chief Development Officer of Agrobank, YBrs. Tuan Haji Aminuddin Zulkipli, Chairman of FAMA, YBrs. Encik Faisal Iswardi Ismail, Deputy Director General (Development) of FAMA and YBrs. Encik Shahrizan Sudiman, Deputy Director General (Operations) of FAMA.

Through this collaboration, Agrobank is committed to empowering the agricultural entrepreneurial community in line with the current of modernization that enables them to be competitive and remain relevant in the current market.