FAQ
About WeGro
WeGro facilitates financing of rural farmers via connecting individual/institutional financiers by utilizing its tech platform.
Profit is disbursed to the designated bank account as soon as the project is completed.
The team of WeGro who contributes to agriculture and connected with relevant industry experts who are dedicated to dealing with any unavoidable circumstances to the best of their abilities. However, if the ecosystem becomes uncontrollable, we will provide relevant supporting documents to justify your loss.
Financier has evidence in the form of a Project Financing Certificate in their email, which explains the ownership of the assets and WeGro’s responsibility as an asset manager. For every transaction through a cheque, a money receipt will also to be provided to the issuer.
You can pay us either via issuing a cheque or by transferring funds online.
We are currently operational in 28 zones across the country and expanding to more areas!
We are constantly organizing awarness campaigns and training sessions whereby farmers can learn about us and express interest. We also find a lot of farmers through references and our work with various partner organizations.
As of now, we have 3000+ farmers on our platform.
Our farmers go through a credit-assessment process to evaluate their competency and expertise before onboarding them.
WeGro, at its core, views agriculture as a space for investment instead of debt lending. We don’t pay farmers directly, but instead buy the initial products for them. Throughout the length of the project we provide assistance, guidance and monitoring for the farmers until the project matures. This is mostly done to reduce risk and maximize profitability for the farmers and investors.
Additionally, we design projects that are shariah compliant, which means projects are not interest based.
About Investment
NRBs have the opportunity to invest too. However, the profit of the projects will be disbursed to a bank account of Bangladesh only.
Bank account is necessary to receive profits once the project is completed. So an active bank account is required to receive proceeding of an investment.
Unfortunately, these investments are not applicable for tax rebate at the moment.
The investment unit varies depending on project. Investment/unit starts from BDT 10,000 depending on project availability.
Musdaraba deals with profit sharing modality with pre agreed terms on the share of profits. Applicable mostly on rearing and harvesting projects.
Murabaha is basically set upon a repurchase price set between farmer and WeGro. So a fixed profit is negotiated earlier. We keep a certain service charge and the share rest of the profit to financiers. Applicable mostly on trade based projects.
The investors are provided with a legal agreement as per the Bangladesh legal standards. They can avail stamped agreements as well. The agreements can be availed for a nominal charge of BDT 360.
Currently, we do not disburse profits on a monthly basis. You will receive profits as soon as the project is completed.
We have entrusted experienced and trained farmers to carry out the projects under our supervision.
The projects either cater one of the two categories:
1.Harvest
2.Trade
The project duration varies depending on the project nature. It range from 2 months and can go upto 12 months depending upon harvesting/life cycle.
We offer a variety of projects mainly classified into four categories:
1. Crops
2. Livestock
3. Fisheries
4. Poultry
No you will not be buying land, poultry or livestock. You will be financing a portion of available agricultural projects.
You can either finance projects of poultry, livestock, fish and crops, based on availability.
All the projects of WeGro are shariah compliant. WeGro designs projects as per the Shariah law and profit are distributed complying with the Shariah guidelines: profit sharing and re-purchase profits.
You can pay us either via issuing a cheque or by transferring funds online.
Financing an agriculture is quite simple. Just follow the five simple steps:
1. Download the WeGro application
2. Select the project
3. Complete the profile
4. Place Order
5. Payment is collected either via cheque/online transfer
About Order
The agricultural produce, poultry, fish or livestock are sold in the local market or to institutional buyers.
Investors are given a Project Financing Certificate in the email address they provided.
You can reach out to us in the ‘My Farm’ section of the app and click ‘Get Updates’ after investing in a project.
A project Financing Certificate will be shared via email as soon as the payment is confirmed and portal updated. Stamped agreement can be availed with the stamp charge of BDT 360.
You will be entitled to the project principal amount. The loss is presently supported by WeGro as a marketing cost.
Your investment is 100% insured against any unfortunate events for cattle projects. For rest of the projects, we provide capital protection from our end. In such cases, you will be refunded the amount you initially invested.
You can complete the payment in either of the 3 processes:
1. Account Payee Cheque/Pay Order
2. Online Transfer: BEFTN/RTGS
3. Bank Deposit
After booking a project, you must transfer the payment within 3 business days.
You can reach out to us in the “My Farm” segment and click on “Get Updates” after financing a project.
About Return
You will receive profits within 3-5 working days from project completion. This is termed as settlement period.
As soon as the project is completed, profit is disbursed to your bank account via Online Transfer or A/C Payee Cheque.
Initially, the total profit of the project is calculated. 40% of the total profit is allocated for our investors. Profit/unit investment varies across each project.
