“Digital Banking Innovations Improving Financial Access for Agribusiness Sector in Emerging Economies”

Abstract

Abstract:- The area of digital banking has been characterized and marked by continuous innovation, which in turn has resulted in the overall development of the agribusiness sector, including digitalizing business transactions, better cash-flow management, and a more efficient payment system; as well as non-financial needs such as input-cost mitigation, access to cheap quality labor and a business-friendly climate. The dawn of the digital era has opened an unprecedented opportunity for the agribusiness sector to access collateral-free loans from fintech companies based on the track record of their digital payments. However, to capitalize on this opportunity, the agribusiness sector needs to digitalize their operations and make all its business transactions digital. This will require concerted efforts by the government, financial sector regulators, and industry bodies to handhold local agribusiness SMEs in embracing digital technologies.