February 28, 2024


The business lovers

Stellapps, IPPB tie up to drive financial inclusion for dairy farmers

Dairy-tech start-up Stellapps has tied up with India Write-up Payments Lender (IPPB) to digitise the milk procurement price chain and advertise banking amenities at milk assortment centres. As component of memorandum of comprehending, a pilot undertaking has been introduced in four villages with two hundred farmers at a greenfield dairy in Tamil Nadu’s Dharmapuri district.

As a result of the tie-up, Stellapps is aiming to deliver dairy farmers in the monetary mainstream throughout villages in Tamil Nadu, Odisha, Bihar, and Rajasthan in the coming months, the organization said in a statement. IPPB will present entry to funds and other banking services like deposits, Aadhar-enabled payment services, domestic money transfer, monthly bill payments, and other linked services. Stellapps said it designs to leverage IPPB’s previous-mile distribution network of in excess of 1.36 lakh post workplaces and virtually 1.nine lakh postmen and Grameen Dak Sevaks, geared up with smartphones and biometric units.

Stellapps experienced not too long ago introduced a entirely automatic digital direct farmers payment product or service for dairy processors, which includes cooperatives referred to as “mooPay”.

J Venkatramu, MD & CEO, IPPB, said, “This strategic partnership aims to make substantial possibilities and grow entry to a selection of monetary services for thousands and thousands of unbanked and underbanked dairy farmers. With dairy offer chain becoming an critical component of the rural overall economy, IPPB is committed to empowering dairy farmers.”

“The partnership with IPPB will assistance us enfold far more farmers with credit score and coverage services and get the digital overall economy to Indian rural villages,” said Ranjith Mukundan, CEO, Stellapps.

Stellapps is introducing IPPB through its dairy associates where the direct farmer payment solutions have been carried out. The local post workplace will designate an official who will pay a visit to the respective milk assortment centre for supplying banking services to farmers. Farmers also have an option of travelling down to the closest post workplace and avail the services, it said.