LAHORE: First Electronic Warehouse Receipt (EWR) Finance facility disbursed by The Bank of Punjab against maize stocks stored at a storage facility accredited by Naymat Collateral Management Company Ltd.
The Bank of Punjab in collaboration with Naymat Collateral Management company has disbursed EWR Finance facility, which is first of its kind against maize stock in Pakistan.
Electronic Warehouse Receipt (EWR), is a digital instrument which gives financial institutions, real time information and access to farmers, who have placed their produce in an accredited warehouse, significantly reducing transaction cost and operational risks for the banks.
Under EWR Regime, The Bank of Punjab has taken the lead by disbursing the finance to its valued client against storage of Maize stock at designated warehouse situated at Habibabad, Tehsil Chunian (District Kasur) which is operated by Matra Asia Pvt Ltd.
Citing the event of first disbursement under EWR Regime, Zafar Masud (President & CEO – The Bank of Punjab) said that the bank had always been on the forefront to meet financial needs of small farmers. This kind of financing is an innovative addition to the agri lending product menu of BOP and will revolutionize the agri-financing horizon of Pakistan by providing financial services under an electronically secured environment.—PR
Copyright Business Recorder, 2021