







































Global Sustainability Research                                                                                                                ISSN: 2833-986X                                                 
https://doi.org/10.56556/gssr.v2i3.568 

                                                                  

 
 

Global Scientific Research         60 
 

REVIEW ARTICLE  

Transforming Pakistan's Agriculture Sector through Fintech: Opportunities for Financial 

Inclusion and Sustainable Development 

Syed Asad Ali Shah1*, Syed Ali Mujtaba Zaidi1 

1Anthro Insights, Islamabad, Pakistan 

 

Corresponding author: Syed Asad Ali Shah: asad.shah@live.com 

Received: 07 July, 2023, Accepted: 21 August, 2023, Published: 14 September, 2023 

 

Abstract 

This study investigates how fintech solutions can increase financial inclusion for smallholder farmers and other stakeholders 

in Pakistan's agriculture sector. Using a thematic literature review, the study identifies effective and sustainable fintech 

solutions and explores the challenges and opportunities for scaling up these solutions. The study found that digital platforms 

for loans, payments, and market linkages have the potential to provide farmers with greater access to finance and other 

financial services. To promote financial inclusion, the study recommends that policymakers, investors, and fintech startups 

prioritize the development of fintech solutions that address the specific needs of smallholder farmers and other underserved 

communities. These solutions should be designed to promote trust and transparency to ensure their long-term sustainability. 

The study also calls for greater collaboration between the fintech and agriculture sectors to develop innovative solutions and 

promote financial inclusion in Pakistan's agriculture sector. The findings of this study have important implications for 

promoting financial inclusion in Pakistan's agriculture sector, which is a vital contributor to the country's economy. The study 

provides valuable insights for policymakers, investors, and fintech startups who are interested in leveraging fintech solutions 

to transform the sector and promote financial access and empowerment for underserved communities. 

Keywords: Agri-fintech; financial inclusion; smallholder farmers; agriculture in Pakistan; sustainable development 

 

Introduction 

The emergence of Financial Technology (FinTech) and the 

digital economy has garnered significant interest from 

businesses, academia, and various public and private 

entities. FinTech represents a pivotal concept and 

implementation that have stimulated research across 

diverse disciplines, including agriculture and farming. In 

the pursuit of sustainability and enhanced productivity, 

smart connectivity plays a vital role, facilitated by the 

digital marketplace. This platform enables novel forms of 

communication and transactions among the numerous 

stakeholders engaged in agricultural operations, 

encompassing consumers, suppliers, farmers, investors, 

distributors, and others involved in the agricultural 

business landscape (Anshari et al., 2019). 

Agriculture, primarily in developing nations, faces 

difficulties with typical business processes due to cash 

shortages, capital problems, restricted access to financial 

institutions, and a lack of market access. The supply chains 

in agriculture have numerous layers, from farmers to 

consumers, adding to the cost of the product (Anshari & 

Alas, 2015). A digital marketplace that supports FinTech 

could improve agriculture. Demand shifts will be hastened 

by the digital market, which will increase consumer 

interest in foods from various regions. As a result, 

incorporating FinTech into the digital marketplace might 

solve the regular problems with farmers' finances and 

encourage the public to participate in agriculture (Anshari 

& Lim, 2017). 



Global Sustainability Research 

Global Scientific Research         61 
 

Moreover, financial inclusion has emerged as a critical 

factor in promoting sustainable economic growth and 

reducing poverty, particularly in developing countries like 

Pakistan (Demirgüç-Kunt et al., 2018). The agriculture 

sector, which plays a pivotal role in Pakistan's economy, is 

largely characterized by smallholder farmers, who often 

face significant barriers to accessing formal financial 

services (World Bank, 2019). This paper seeks to explore 

the potential of fintech solutions to increase financial 

inclusion for these smallholder farmers and other 

stakeholders in Pakistan's agriculture sector. 

In pursuit of the research objective, a thematic literature 

review methodology was implemented. The current study 

delves into the identification of effective and sustainable 

fintech solutions as well as the challenges and 

opportunities for scaling up these innovations (Creswell et 

al., 2017). The research sheds light on the transformative 

potential of digital platforms for loans, payments, and 

market linkages in increasing access to finance and other 

financial services for farmers (Buku & Meredith, 2018). 

Literature Review 

The literature on financial inclusion and the role of fintech 

in promoting access to financial services for smallholder 

farmers has grown substantially in recent years. This 

literature review aims to synthesize the current body of 

knowledge on the potential of fintech solutions to foster 

financial inclusion for smallholder farmers and other 

underserved communities, particularly in the context of 

Pakistan's agriculture sector. By examining the barriers 

faced by smallholder farmers in accessing formal financial 

services, the emergence of fintech solutions, the 

importance of trust and transparency, and the need for 

collaboration between the fintech and agriculture sectors, 

this review provides a comprehensive understanding of the 

challenges and opportunities for leveraging fintech to 

enhance financial inclusion in the agriculture sector. 

Financial Inclusion and Smallholder Farmers 

Financial inclusion, the process of ensuring access to and 

usage of formal financial services by all individuals and 

businesses, has been widely acknowledged as a crucial 

factor in reducing poverty, promoting sustainable 

economic growth, and enhancing overall wellbeing 

(Demirgüç-Kunt et al., 2018; Karlan et al., 2016; CGAP, 

2020). The significance of financial inclusion is 

particularly notable for smallholder farmers in developing 

countries like Pakistan, who often face considerable 

barriers to accessing formal financial services, including 

savings, credit, insurance, and payment systems (World 

Bank, 2019; IFAD, 2019). 

Smallholder farmers are a critical population, representing 

the majority of the agriculture sector and contributing to 

food security and poverty reduction (FAO, 2017; AGRA, 

2020). They play an essential role in ensuring the resilience 

of rural communities and maintaining the stability of local 

food systems (Lowder, Skoet, & Raney, 2016). However, 

limited access to credit, insurance, and other financial 

services inhibits their productivity and growth potential 

(Pakistan Bureau of Statistics, 2021; Cole, Sampson, & Zia, 

2011). Access to financial services is critical for 

smallholder farmers to invest in productivity-enhancing 

inputs, manage risks associated with weather and market 

fluctuations, and access new markets for their products 

(Wiggins, Keats, & Han, 2016). 

Factors such as lack of collateral, low financial literacy, 

and the absence of a credit history further exacerbate these 

challenges (Banerjee & Duflo, 2011; Beck, Demirgüç-

Kunt, & Martinez Peria, 2007). Additionally, the high 

transaction costs associated with serving smallholder 

farmers in remote rural areas often discourage formal 

financial institutions from extending their services to this 

population (Gash & Odell, 2013). This results in a 

significant proportion of smallholder farmers relying on 

informal sources of finance, such as borrowing from 

friends, family, or moneylenders, which often entail high 

interest rates and limited protection mechanisms (Hermes 

& Lensink, 2007; Guérin, Labie, & Servet, 2015). 

The promotion of financial inclusion for smallholder 

farmers has thus become a significant policy objective for 

governments, development organizations, and the private 

sector (UN, 2015; G20, 2017). Numerous studies have 

demonstrated the potential benefits of financial inclusion 

for smallholder farmers, including increased investment in 

agricultural inputs, improved productivity, higher income 

levels, and reduced vulnerability to shocks (Kaboski & 

Townsend, 2011; Karlan, Osei, Osei-Akoto, & Udry, 2014). 

As such, understanding the barriers to financial inclusion 

faced by smallholder farmers and identifying effective 

strategies to overcome these obstacles is crucial for 

promoting sustainable development and poverty reduction 

in rural areas (Brune et al., 2016; Awotide, Karimov, & 

Diagne, 2016). 

 

 

 



Global Sustainability Research 

Global Scientific Research         62 
 

Fintech Solutions for Financial Inclusion 

The emergence of financial technology (fintech) has 

opened new avenues for promoting financial inclusion 

among smallholder farmers and other underserved 

communities (Alliance for Financial Inclusion, 2016). 

Fintech solutions such as digital payments, mobile banking, 

and peer-to-peer lending platforms have demonstrated the 

potential to increase access to financial services and 

improve financial management for marginalized 

populations (Buku & Meredith, 2018). These innovative 

solutions also address barriers related to physical distance, 

cost, and complex documentation, which are often cited as 

reasons for financial exclusion (Demirgüç-Kunt et al., 

2018). 

Trust and Transparency in Fintech Solutions 

The success of fintech solutions in promoting financial 

inclusion largely depends on their ability to foster trust and 

transparency among users (M-Pesa, 2020). Trust is a 

critical factor in the adoption and usage of digital financial 

services, particularly for individuals who have limited 

experience with formal financial institutions (Buku & 

Meredith, 2018). Transparency, on the other hand, is 

essential for building confidence in these services and 

ensuring that they adhere to regulatory requirements and 

consumer protection standards (Alliance for Financial 

Inclusion, 2016). 

Collaboration between Fintech and Agriculture Sectors 

The integration of fintech solutions into the agriculture 

sector necessitates increased collaboration between the two 

sectors to develop innovative and context-specific 

solutions (FAO, 2017). This collaboration can lead to the 

development of tailored products and services that address 

the unique financial needs of smallholder farmers, such as 

weather-based insurance, digital credit services, and 

market linkages (World Bank, 2019). Such targeted 

solutions can contribute to greater financial inclusion, 

enabling smallholder farmers to enhance their productivity, 

manage risks, and access new markets (UNCTAD, 2018). 

The literature highlights the potential of fintech solutions 

to promote financial inclusion for smallholder farmers in 

developing countries like Pakistan. The integration of 

digital platforms for loans, payments, and market linkages 

can provide farmers with increased access to finance and 

other financial services. Trust and transparency are key 

factors in the success and sustainability of these solutions, 

and greater collaboration between the fintech and 

agriculture sectors is necessary to develop innovative 

solutions tailored to the specific needs of smallholder 

farmers. 

The present study is structured into distinct sections aimed 

at facilitating a systematic exploration of financial 

inclusion within the agricultural sector. The introduction 

section demonstrates an overview of financial technology, 

emphasizing its critical role in strengthening the 

agricultural ecosystem in Pakistan. The methodology 

section delineates the research design employed, which 

involved a meticulous selection of relevant thematic 

literature review documents. The results section presents 

the outcomes obtained from comprehensive data analysis 

conducted within the framework of this research endeavor. 

Lastly, the conclusion section provides a concise summary 

of the key findings and their implications. Additionally, the 

study acknowledges its limitations and proposes 

recommendations for future research endeavors. 

 

Methodology  

A systematic literature review is a “rigorous, explicit, and 

transparent method”. For the current study, a thematic 

literature review was employed. In a thematic literature 

review, the writer arranges and analyzes previously 

published research studies in accordance with themes or 

conceptual frameworks that, in the writer's view, are 

crucial to comprehending the subject. For the current study, 

three themes were established to structure the literature 

review i.e. access to financial technology, awareness of 

financial technology, and financial support. 

To conduct the comprehensive review, a targeted selection 

of keywords was utilized to develop an outline for the 

collection of relevant publications that formed the basis of 

the present review. Prominent scholarly databases, 

including Google Scholar, Crossref, and Scopus, were 

employed as primary resource engines. Consequently, this 

thematic systematic review encompasses the entirety of the 

data identified through a meticulous search across the 

aforementioned databases. These databases were chosen 

due to their extensive coverage of findings derived from 

the initial scoping search. By employing the specified 

keywords, all publications incorporating finance, financial 

inclusion, agriculture, smallholder farmers, agriculture in 

Pakistan, and fintech-agriculture in the abstracts, titles, and 

keywords were identified. 



Global Sustainability Research 

Global Scientific Research         63 
 

To ascertain the inclusion or exclusion of studies in the 

final dataset, a thorough examination of the abstracts was 

conducted, and in cases where categorization was uncertain, 

the entire texts were scrutinized. The primary criterion for 

inclusion or exclusion was the presence of a clear 

connection between agriculture and finance. This 

evaluation enabled the identification of a substantial 

volume of pertinent research; however, it necessitated the 

exclusion of some significant and captivating research 

publications. Notably, certain previously identified 

relevant results from a preliminary scoping search were 

deemed hesitant for incorporation due to the lack of 

transparency in its search mechanism, thus hindering easy 

replication. 

Table:1 

S. No Title of Research paper Author (s) Year Key Findings 

  Access to Financial Technology 

1. Role of ICT & Fintech in Indian 

Agriculture 

  

More & Aslekar 2022 Smallholder farmers and other rural 

firms can greatly benefit from having 

access to digital technology since it 

allows them to obtain support, create 

strategic partnerships, and access 

training, and financial, and legal 

services. 

2. A Proposed Shariah-Compliant 

Fintech Model as An Alternative 

Financing Product to Tackle Food 

Security Challenges in Malaysia 

Azganin, et al., 2021 This study offers a comprehensive 

shariah investment procedure and 

structures of the fintech industry, 

which can assist policymakers to 

create necessary policies that regulate 

Crowdfunding and smart contracts 

activities. 

3. DIGITAL PLATFORMS IN THE 

NEW WORLD OF DIGITAL 

AGRICULTURAL BUSINESS 

Kolmykova, et 

al., 

2021 This strategy for the agricultural 

sector's digital transformation will 

help to qualitatively restructure all 

organizational and production 

operations, which will eventually lay 

the groundwork for improving 

efficiency and lowering risk across the 

whole agricultural industry. 



Global Sustainability Research 

Global Scientific Research         64 
 

4. FINTECH AND DIGITAL 

MARKETPLACE: TURNING 

MINDFULNESS ACTIVITIES OF 

ASIAN COUNTRIES 

SUMITHRA 2023 The FinTech era occurs to 

strengthening, advances horticultural 

opportunities in rural areas, 

extraordinary levels of creation in 

industrialization, and contributes to 

maintainability, public pay, and 

neediness reversal. 

5. CHALLENGES AND 

OPPORTUNITIES IN 

EMPLOYING THE FINANCIAL 

TECHNOLOGIES BY PACS IN 

INDIA- A SWOT ANALYSIS 

Naithani, et al., 2022 fintech will help them not only expand 

their products and membership base 

but also ease the targeted distribution 

of services by the government with E-

rupi being the latest addition 

6. Examining how digital marketplace 

adoption and fintech adoption 

contribute to the sustainability of 

selected small agribusinesses in 

Metro Manila: A multiple case 

study approach 

Chan, et al., 2022 Adoption of digital marketplace and 

FinTech contributed to the overall 

agribusiness sustainability 

7. Fin- Tech in Indian Agricultural 

Sector 

Kanagavalli, et 

al., 

2021 The digitalization of agriculture will 

cause a significant shift in farming and 

food production over the coming years 

8. 

The effects of financial inclusion on 

agricultural productivity in Nigeria 

  

Fowowe 2020 financial inclusion, irrespective of 

how it is measured, has exerted 

positive and statistically significant 

effects on agricultural productivity. 

9. Who drives the digital revolution in 

agriculture? A review of supply-

side trends, players and challenges 

Birner, et al., 2021 Digital agriculture technology has the 

potential to create an agricultural 

revolution, making crop and livestock 

production more efficient and more 

environmentally friendly and 

contributing to higher productivity. 

10. Digitalization of Agri-Cooperatives 

in the Smart Agriculture Context. 

Proposal of a Digital Diagnosis 

Tool 

Ciruela-

Lorenzo, et al., 

2020 The digitalization process based on 

smart technologies (IoT, robots, AI, 

BD, and Blockchain) is transforming 

the agricultural sector and promoting 

sustainability in different ways. 

https://animorepository.dlsu.edu.ph/cgi/viewcontent.cgi?article=1035&context=etdb_dsi
https://animorepository.dlsu.edu.ph/cgi/viewcontent.cgi?article=1035&context=etdb_dsi
https://animorepository.dlsu.edu.ph/cgi/viewcontent.cgi?article=1035&context=etdb_dsi
https://animorepository.dlsu.edu.ph/cgi/viewcontent.cgi?article=1035&context=etdb_dsi
https://animorepository.dlsu.edu.ph/cgi/viewcontent.cgi?article=1035&context=etdb_dsi
https://animorepository.dlsu.edu.ph/cgi/viewcontent.cgi?article=1035&context=etdb_dsi


Global Sustainability Research 

Global Scientific Research         65 
 

  Awareness of Financial Technology 

11. Fintech and crowdfunding as tools 

for financing the reproduction 

process in agricultural activities 

Eskiev 2021 The digital marketplace concept of 

crowdfunding brings together every 

participant (farmers, landowners, 

investors, and consumers) in a space 

that can foster openness, 

empowerment, resourcefulness, and 

community involvement in 

agriculture. 

12. Fintech in sub-Saharan Africa Ndung’u 2022 fourth Industrial Revolution, driven 

by fintech, has the potential to propel 

the continent to higher levels of 

savings, investments, 

employment, and inclusive growth, 

provided an appropriate legal and 

regulatory framework is put in place 

13. Review and analysis of FinTech 

approaches for smart agriculture in 

one place 

Pothula 2023 FinTech could promote agricultural 

sustainability. The financial sector is 

critical in allowing agriculture to 

contribute to economic growth and 

poverty reduction. 

14. Emergence of Agri Fintech for 

Inclusive Growth 

Kumar 2021 The development of technology has 

had a significant impact on the 

adoption of better farming practices 

that utilize fewer resources while 

producing more. 

15. The Role of Finance in Navigating 

Agriculture through Agri-FinTech 

Pothula 2022 Agri-FinTech can only benefit if they 

recognize this potential and embrace it 

properly 

16. Sustaining Performance of Wheat–

Rice Farms in Pakistan: The Effects 

of Financial Literacy and Financial 

Inclusion 

Raza, et al., 2023 Increased trust in financial services is 

essential for improving sustainable 

performance in the agricultural sector. 



Global Sustainability Research 

Global Scientific Research         66 
 

17. Machine Learning Applications for 

Precision Agriculture: A 

Comprehensive Review 

Sharma, et al., 2020 Precision agriculture is empowering 

the farmers with technology intending 

to get optimum outputs with precise 

inputs. IoT-enabled smart sensors, 

actuators, satellite images, robots, and 

drones are some of the key 

technological revolutions that boosted 

the agriculture industry. 

18. Making Smallholder Value Chain 

Partnerships Inclusive: Exploring 

Digital Farm Monitoring through 

Farmer-Friendly Smartphone 

Platforms 

Agyekumhene, 

et al., 

2020 Co-designing a platform interface was 

significant in improving farmer ability 

to comprehend and use smartphone-

based platforms for communicating 

farm conditions and their needs with 

value chain partners. 

  Financial Assistance 

19. Does FinTech credit scale stimulate 

financial institutions to increase the 

proportion of agricultural loans? 

Mohsin, et al., 2022 The FinTech Credit scale can raise the 

proportion of loans for agriculture in 

financial institutions. 

20. Islamic P2P Crowdfunding 

(IP2PC) Platform for the 

Development of Paddy Industry in 

Malaysia: An Operational 

Perspective 

Azganin, et al., 2021 Paddy farmers in Malaysia will have 

access to an alternate means of 

funding through Islamic P2P 

crowdfunding, which will help them 

fulfill their financial needs and fund 

their small businesses. 

21. Proposed waqf crowdfunding 

models for small farmers and the 

required parameters for their 

application 

  

Azganin, et al., 2021 With the help of the proposed 

crowdfunding, poor farmers would be 

able to meet their needs and contribute 

to the economic growth of their 

nation. 

22. Use of Financial Technology for 

Agricultural Financing Through 

Islamic Financial Institutions 

Maryam & 

AHAMAD 

2021 Financial technology with value chain 

financing emerged as a viable 

alternative that can tackle financing 

issues by integrating small farmers 

and other stakeholders with IFIs. 



Global Sustainability Research 

Global Scientific Research         67 
 

23. Financing Sustainable Agriculture 

in Sub-Saharan Africa: A Review 

of the Role of Financial 

Technologies 

Mapanje, et al., 2023 The technologies can help to increase 

the effectiveness of financing 

smallholder agriculture and more 

people will be able to embrace 

sustainable agricultural practices. 

24. A STUDY ON FIN- TECH IN 

INDIAN AGRICULTURAL 

SECTOR 

Reddy, et al., 2020 Farmers are facing financial problems 

in the agricultural sector. With the 

help of Fintech financial problems can 

reduce by providing credit facilities to 

farmers 

25. The Role of Islamic Crowd 

Investing for Sustainable 

Agriculture in Indonesia 

Sari & Kassim 2021 Financial technology, such as Islamic 

crowd-investing has an important role 

not only in terms of funding but also 

in achieving sustainable agriculture. 

26. Can digital financial inclusion 

effectively stimulate technological 

Innovation of agricultural 

enterprises? A case study on China 

Zhu & Li 2021 Digital financial inclusion plays a 

significant role in promoting the 

technological innovation efficiency of 

agricultural enterprises. 

27. Does Digital Finance Increase 

Relatively Large-Scale Farmers’ 

Agricultural Income through the 

Allocation of Production Factors? 

Evidence from China 

Song, et al., 2022 Digital finance has a substantial 

positive influence on relatively large-

scale farmers’ agricultural income. 

Findings  

In the current research study, a comprehensive thematic 

literature review was done to investigate the transformation 

of Pakistan's agriculture sector through fintech and 

opportunities for financial inclusion and sustainable 

development. The overview examines the possible changes 

and opportunities for Pakistan’s agriculture. The study also 

intended to understand how the use of fintech would 

impact and improve smallholder farmers as a whole and 

significant shift in agriculture. 

According to the findings, the emergence and widespread 

implementation of fintech might result in a number of 

significant effects on agriculture productivity. The review's 

findings indicate that fintech might have a huge impact and 

can foster openness, empowerment, resourcefulness, and 

community involvement in agriculture. 

The comprehensive literature review provides valuable 

insights into the potential effects of the emergence and 

widespread adoption of fintech. The collective findings 

from these studies indicate that fintech has the capacity to 

positively impact the agricultural sector. Research suggests 

that digital agriculture technology holds the potential to 

catalyze an agricultural revolution by enhancing the 

efficiency and environmental sustainability of crop and 

livestock production, ultimately contributing to increased 

productivity. As the digitalization of agriculture continues 

to gain momentum, significant shifts in farming practices 

and food production are expected in the coming years. 



Global Sustainability Research 

Global Scientific Research         68 
 

Fintech, including the recent addition of E-rupi, not only 

enables agricultural entities to expand their product 

offerings and customer base but also facilitates the targeted 

distribution of government services. Additionally, the 

ongoing digitalization process, driven by intelligent 

technologies such as the Internet of Things (IoT), robotics, 

artificial intelligence (AI), big data (BD), and blockchain, 

is profoundly transforming the agricultural sector and 

promoting sustainability in various ways. Precision 

agriculture, for instance, empowers farmers by leveraging 

technology to achieve optimal outputs with precise inputs. 

IoT-enabled smart sensors, actuators, satellite imagery, 

robots, and drones are among the key technological 

advancements that have revolutionized the agriculture 

industry. 

As long as financial assistance is concerned, the utilization 

of FinTech credit platforms has the potential to increase the 

allocation of loans for the agricultural sector within 

financial institutions. A research study conducted in 2021 

revealed that the implementation of crowdfunding 

mechanisms can enable impoverished farmers to address 

their financial requirements and contribute to the economic 

development of their respective countries. It is widely 

acknowledged that farmers encounter significant financial 

challenges within the agricultural industry. Through the 

integration of FinTech solutions, these financial difficulties 

can be mitigated by offering credit facilities to farmers. 

 Conclusion 

The above-mentioned thematic literature review provides a 

clear picture that framers will highly benefit from the 

provision of digital assistance. They will be able to adopt 

sustainable agricultural practices as a result of the 

technology's potential to boost the effectiveness of funding 

smallholder agriculture. Moreover, farmers, landowners, 

investors, and consumers with digitalization will bring 

together an environment that can promote openness, 

empowerment, inventiveness, and involvement of the 

community in agriculture through the digital marketplace 

concept of crowdfunding. 

The findings of this study hold significant implications for 

the promotion of financial inclusion in Pakistan's 

agriculture sector, a cornerstone of the nation's economy 

(Pakistan Bureau of Statistics, 2021). As a valuable 

resource for policymakers, investors, and fintech startups, 

this paper offers insights into harnessing the power of 

fintech solutions to revolutionize the sector and promote 

financial access and empowerment for underserved 

communities (UNCTAD, 2018). 

The paper offers recommendations for policymakers, 

investors, and fintech startups to prioritize the development 

of solutions tailored to the specific needs of smallholder 

farmers and other underserved communities (Alliance for 

Financial Inclusion, 2016). It emphasizes the importance of 

trust and transparency in the design of these solutions to 

ensure long-term sustainability (M-Pesa, 2020). 

Furthermore, the study calls for increased collaboration 

between the fintech and agriculture sectors to jointly 

develop innovative solutions that can drive financial 

inclusion in Pakistan's agriculture sector (FAO, 2017). 

Acknowledgement: None 

Conflict of interest: None 

Funding: No funding 

Data availability: None 

References 

Alliance for Financial Inclusion. (2016). Fintech and 

Financial Inclusion: Understanding the Potential of 

Fintech Solutions for Inclusive Growth. 

Agyekumhene, C., de Vries, J. R., Paassen, A. V., Schut, 

M., & MacNaghten, P. (2020). Making smallholder 

value chain partnerships inclusive: Exploring digital 

farm monitoring through farmer friendly 

smartphone platforms. Sustainability, 12(11), 4580. 

Azganin, H., Kassim, S. B., & Sa’ad, A. A. (2021). A 

Proposed Shariah Compliant Fintech Model as An 

Alternative Fi-nancing Product to Tackle Food 

Security Challenges in Malaysia. Al-Hikmah: 

International Journal Of Islamic Studies And 

Human Sciences, 4(3), 15-35. 

Azganin, H., Kassim, S., & Saad, A. A. (2021). Islamic 

P2P crowdfunding (IP2PC) platform for the 

development of paddy industry in Malaysia: an 

operational perspective. Journal of Islamic Finance, 

10(1), 65-75. 

Anshari, M., & Alas, Y. (2015). Smartphones habits, 

necessities, and big data challenges. The Journal of 

High Technology Management Research, 26(2), 

177-185. 

Anshari, M., & Lim, S. A. (2017). E-government with big 

data enabled through smartphone for public services: 



Global Sustainability Research 

Global Scientific Research         69 
 

Possibilities and challenges. International Journal 

of Public Administration, 40(13), 1143-1158. 

Anshari, M., Almunawar, M. N., Masri, M., & Hamdan, M. 

(2019). Digital marketplace and FinTech to support 

agriculture sustainability. Energy Procedia, 156, 

234-238. 

Azganin, H., Kassim, S., & Sa'ad, A. A. (2021). Proposed 

waqf crowdfunding models for small farmers and 

the required parameters for their application. Islamic 

Economic Studies, 29(1), 2-17. 

Buku, M., & Meredith, M. (2018). Financial inclusion and 

fintech in emerging markets: A cross-country 

comparison. International Journal of Financial 

Studies, 6(3), 89. 

https://doi.org/10.3390/ijfs6030089 

Birner, R., Daum, T., & Pray, C. (2021). Who drives the 

digital revolution in agriculture? A review of 

supply‐side trends, players and challenges. Applied 

economic perspectives and policy, 43(4), 1260-1285. 

Creswell, J. W., & Plano Clark, V. L. (2017). Designing 

and conducting mixed methods research. Sage 

publications. 

Chan, A. D. G., Delim, S. M., Gamayon, D. M. D., & 

Tingzon, C. J. M. (2022). Examining how digital 

marketplace adoption and fintech adoption 

contribute to the sustainability of selected small 

agribusinesses in Metro Manila: A multiple case 

study approach. 

Ciruela-Lorenzo, A. M., Del-Aguila-Obra, A. R., Padilla-

Meléndez, A., & Plaza-Angulo, J. J. (2020). 

Digitalization of agri-cooperatives in the smart 

agriculture context. proposal of a digital diagnosis 

tool. Sustainability, 12(4), 1325. 

Demirgüç-Kunt, A., Klapper, L., Singer, D., Ansar, S., & 

Hess, J. (2018). The Global Findex Database 2017: 

Measuring financial inclusion and the fintech 

revolution. World Bank Group. 

Eskiev, M. A. (2021). Fintech and crowdfunding as tools 

for financing the reproduction process in 

agricultural activities. Vestnik Universiteta, (10), 

155-160. 

FAO (Food and Agriculture Organization of the United 

Nations). (2017). The future of food and agriculture 

– Trends and challenges. 

Fowowe, B. (2020). The effects of financial inclusion on 

agricultural productivity in Nigeria. Journal of 

Economics and Development, 22(1), 61-79. 

M-Pesa. (2020). Building trust in digital financial services. 

Safaricom. 

Pakistan Bureau of Statistics. (2021). Agriculture Census 

of Pakistan. 

UNCTAD (United Nations Conference on Trade and 

Development). (2018). The role of digitalization in 

promoting financial inclusion. Digital Economy 

Report 2018. 

World Bank. (2019). Pakistan: Agriculture and Rural 

Transformation for Jobs, Growth, and Nutrition. 

AGRA. (2020). Africa Agriculture Status Report: Feeding 

Africa's cities - Opportunities, challenges, and 

policies for linking African farmers with growing 

urban food markets. Alliance for a Green 

Revolution in Africa. 

Awotide, B. A., Karimov, A. A., & Diagne, A. (2016). 

Agricultural technology adoption, 

commercialization and smallholder rice farmers’ 

welfare in rural Nigeria. Agricultural and Food 

Economics, 4(1), 1-22. 

https://doi.org/10.1186/s40100-016-0052-8 

Banerjee, A., & Duflo, E. (2011). Poor Economics: A 

Radical Rethinking of the Way to Fight Global 

Poverty. Public Affairs. 

Beck, T., Demirgüç-Kunt, A., & Martinez Peria, M. S. 

(2007). Reaching out: Access to and use of banking 

services across countries. Journal of Financial 

Economics, 85(1), 234-266. 

https://doi.org/10.1016/j.jfineco.2006.07.002 

Brune, L., Gine, X., Goldberg, J., & Yang, D. (2016). 

Facilitating savings for agriculture: Field 

experimental evidence from Malawi. Economic 

Development and Cultural Change, 64(2), 187-220. 

https://doi.org/10.1086/684014 

CGAP. (2020). Advancing financial inclusion: The journey 

so far and the road ahead. Consultative Group to 

Assist the Poor. 

Cole, S., Sampson, T., & Zia, B. (2011). Prices or 

knowledge? What drives demand for financial 

services in emerging markets? The Journal of 

Finance, 66(6), 1933-1967. 

https://doi.org/10.1111/j.1540-6261.2011.01696.x 

Demirgüç-Kunt, A., Klapper, L., Singer, D., Ansar, S., & 

Hess, J. (2018). The Global Findex Database 2017: 

Measuring financial inclusion and the fintech 

revolution. World Bank Group. 

FAO. (2017). The future of food and agriculture – Trends 

and challenges. Food and Agriculture Organization 

of the United Nations. 

G20. (2017). G20 Action Plan on the 2030 Agenda for 

Sustainable Development. G20. 

https://doi.org/10.3390/ijfs6030089


Global Sustainability Research 

Global Scientific Research         70 
 

Gash, M., & Odell, K. (2013). The Evidence-Based Story 

of Savings Groups: A Synthesis of Seven 

Randomized Control Trials. SEEP Network. 

Guérin, I., Labie, M., & Servet, J. M. (2015). The Crises of 

Microcredit. Zed Books. 

Hermes, N., & Lensink, R. (2007). The empirics of 

microfinance: What do we know? The Economic 

Journal, 117(517), F1-F10. 

https://doi.org/10.1111/j.1468-0297.2007.02015.x 

IFAD. (2019). Creating opportunities for rural youth: 2019 

Rural Development Report. International Fund for 

Agricultural Development. 

Kaboski, J. P., & Townsend, R. M. (2011). A structural 

evaluation of a large-scale quasi-experimental 

microfinance initiative. Econometrica, 79(5), 1357-

1406. https://doi.org/10.3982/ECTA8407 

Karlan, D., Kutsoati, E., McMillan, M., & Udry, C. (2014). 

Crop price indemnified loans for farmers: A pilot in 

Ghana. Journal of Risk and Insurance, 81(2), 289-

312. https://doi.org/10.1111/j.1539-

6975.2012.01521.x 

Karlan, D., Ratan, A. L., & Zinman, J. (2016). Savings by 

and for the poor: A research review and agenda. 

Review of Income and Wealth, 62(1), 36-78. 

https://doi.org/10.1111/roiw.12101 

Lowder, S. K., Skoet, J., & Raney, T. (2016). The number, 

size, and distribution of farms, smallholder farms, 

and family farms worldwide. World Development, 

87, 16-29. 

https://doi.org/10.1016/j.worlddev.2015.10.041 

Pakistan Bureau of Statistics. (2021). Agricultural Census. 

Government of Pakistan. 

UNCTAD. (2018). Trade and Development Report 2018: 

Power, platforms and the free trade delusion. United 

Nations Conference on Trade and Development. 

UN. (2015). Transforming our world: The 2030 Agenda for 

Sustainable Development. United Nations. 

Wiggins, S., Keats, S., & Han, E. (2016). Smallholder 

agriculture's contribution to better nutrition. Global 

Food Security, 11, 48-53. 

https://doi.org/10.1016/j.gfs.2016.07.002 

World Bank. (2019). World Development Report 2019: 

The Changing Nature of Work. World Bank Group. 

Kanagavalli, G., Manida, M., Kumar, M. R. A., & 

Arulmozhi, M. S. J. Fin-Tech in Indian Agricultural 

Sector. Cyber Security, 118. 

Kolmykova, T. S., Kazarenkova, N. P., Merzlyakova, E. A., 

Aseev, O. V., & Kovalev, P. P. (2021, November). 

Digital platforms in the new world of digital 

agricultural business. In IOP Conference Series: 

Earth and Environmental Science (Vol. 941, No. 1, 

p. 012008). IOP Publishing. 

Kumar, N. (2021). Emergence of Agri Fintech for 

Inclusive Growth. Co-Editors, 390. 

Mapanje, O., Karuaihe, S., Machethe, C., & Amis, M. 

(2023). Financing Sustainable Agriculture in Sub-

Saharan Africa: A Review of the Role of Financial 

Technologies. Sustainability, 15(5), 4587. 

Maryam, S. Z., & AHAMAD, D. A. (2021). Use of 

financial technology for agricultural financing 

through Islamic financial institutions. International 

Journal of Business and Economic Affairs, 6(6), 1-

10. 

Mohsin, A., Sheikh, M. R. I., Tushar, H., Iqbal, M. M., Far 

Abid Hossain, S., & Kamruzzaman, M. (2022). 

Does FinTech credit scale stimulate financial 

institutions to increase the proportion of agricultural 

loans?. Cogent Economics & Finance, 10(1), 

2114176. 

More, A., & Aslekar, A. (2022, March). Role of ICT & 

Fintech in Indian agriculture. In 2022 International 

Conference on Decision Aid Sciences and 

Applications (DASA) (pp. 900-904). IEEE. 

Naithani, V., Kumar, B., & Prajapati, V. P. 

CHALLENGES AND OPPORTUNITIES IN 

EMPLOYING THE FINANCIAL 

TECHNOLOGIES BY PACS IN INDIA-A SWOT 

ANALYSIS. 

Ndung’u, N. (2022). Fintech in sub-Saharan Africa (No. 

wp-2022-101). World Institute for Development 

Economic Research (UNU-WIDER). 

Pothula, S. R. (2022). The Role of Finance in Navigating 

Agriculture through Agri-FinTech. 

Pothula, S. R. (2023). Review and analysis of FinTech 

approaches for smart agriculture in one place. 

Journal of Agriculture, Science and Technology, 

22(1), 60-69. 

Raza, A., Tong, G., Erokhin, V., Bobryshev, A., 

Chaykovskaya, L., & Malinovskaya, N. (2023). 

Sustaining Performance of Wheat–Rice Farms in 

Pakistan: The Effects of Financial Literacy and 

Financial Inclusion. Sustainability, 15(9), 7045. 

Reddy, P. M. K., & Kumar, A. R. (2020). A STUDY ON 

FIN-TECH IN INDIAN AGRICULTURAL 

SECTOR. Journal of Critical Reviews, 7(4), 605-

607. 

Sari, I. P., & Kassim, S. (2021). The Role of Islamic 

Crowd-Investing for Sustainable Agriculture in 



Global Sustainability Research 

Global Scientific Research         71 
 

Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 10(2), 

343-358. 

Sharma, A., Jain, A., Gupta, P., & Chowdary, V. (2020). 

Machine learning applications for precision 

agriculture: A comprehensive review. IEEE Access, 

9, 4843-4873. 

Song, K., Tang, Y., Zang, D., Guo, H., & Kong, W. (2022). 

Does Digital Finance Increase Relatively Large-

Scale Farmers’ Agricultural Income through the 

Allocation of Production Factors? Evidence from 

China. Agriculture, 12(11), 1915. 

SUMITHRA, S. FINTECH AND DIGITAL 

MARKETPLACE: TURNING MINDFULNESS 

ACTIVITIES OF ASIAN COUNTRIES. 

Zhu, J., & Li, Z. (2021). Can digital financial inclusion 

effectively stimulate technological Innovation of 

agricultural enterprises?—A case study on China, 

Natl. Account. Rev, 3, 398-421. 

 


