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BASIX And Mastercard To Digitise Maha Rural Ecosystem, 10 Lakh Farmers To Benefit

The collaboration is in line with the central government's vision to integrate farmers into the digital economy, the company said

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BASIX Social Enterprise Group on Tuesday announced the launch of BASIX Farmers’ Market (BFM), an agritech platform in partnership with Mastercard. 

The collaboration is in line with the central government's vision to integrate farmers into the digital economy. 

BFM will leverage Mastercard’s technology capabilities, and BASIX’s deep industry expertise in agriculture to improve the lives of small and marginal farmers, the official statement read. 

"This will be done by addressing the fundamental challenges related to price discovery, market reach, payments, and credit access," it added. 

BASIX has so far registered 1 lakh farmers across five districts of the Vidarbha region of Maharashtra on the BFM platform, the company mentioned.

Through BFM, BASIX and Mastercard aim to improve the lives of over 10 lakh farmers, including the new cohort of 200 Farmer Producer Organisations (FPO) being promoted under the SMART project as part of their partnership with the Maharashtra state rural livelihood mission.  

“We are very excited to launch BFM in partnership with Mastercard. BASIX group has been at the forefront of the FPO revolution in India and pioneered various aspects of agri value chains, including the design and delivery of agri-finance at scale," Sattaiah Deverakonda, Group MD and CEO, BASIX.

We firmly believe in the power of technology for building scale, and highly value this partnership with Mastercard, a global powerhouse in payments technology. We aim to impact at least 1 million farmers through this initiative in the next five years, added Deverakonda. 

“Mastercard collaborates with partners like BASIX to develop products and solutions that uplift underserved communities, bringing them into the digital economy," said Himanshu Bansal, Vice President, Digital and Financial Inclusion, Mastercard Community Pass. 

Through BFM, multiple stakeholders in the agricultural ecosystem will be connected, empowering farmers in a commercially sustainable way by helping them to find new buyers, access credit and improve their livelihoods, added Bansal. 

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basix mastercard Maharastra Rural Ecosystem farmers