The Bank of Punjab disbursed the first Electronic Warehouse Receipt (EWR) Finance facility against maize inventories maintained at a storage facility recognised by Naymat Collateral Management Company Ltd.
The Bank of Punjab, in conjunction with Naymat Collateral Management, has disbursed the first EWR Finance facility in Pakistan against maize stock.
The Electronic Warehouse Receipt (EWR) is a digital instrument that provides financial institutions with real-time information and access to farmers who have deposited their goods in an approved warehouse, greatly lowering banks’ transaction costs and operational hazards.
The Bank of Punjab has taken the initiative under the EWR regime by disbursing money to its valued clients against the storage of maize stock at a designated warehouse owned by Matra Asia Pvt Ltd in Habibabad, Tehsil Chunian (District Kasur).
Zafar Masud (President & CEO – The Bank of Punjab) stated that the bank has always been at the forefront of meeting the financial needs of small farmers. This type of financing is a novel addition to BOP’s agri lending product menu and will transform Pakistan’s agri-finance landscape by providing financial services in a secure electronic environment.