Agricover Payments receives NBR authorization as a payment institution. Company to launch “Europe’s first integrated financial platform for the agricultural sector” in October, in partnership with Visa.
Agricover officially enters the payments services sector following authorization granted by the NBR
Agricover has announced that Agricover Payments has been authorized as a payment institution by the National Bank of Romania (NBR), becoming the 15th payment institution authorized at national level. The authorization “marks a new stage in the development of financial services dedicated to Romania’s agricultural sector,” according to the press release.
Agricover Payments is part of the Agricover Group and is, essentially, an Agri-FinTech company focused on developing integrated digital financial solutions for farmers, taking a pioneering approach to Romania’s agricultural and digital financial ecosystem.
“The authorization of Agricover Payments expands the Group’s financial capabilities into a new and important area. Our strategy is to apply the same specialization-driven approach that we have built in agricultural financing to the development of digital financial solutions for farmers. Our new status provides the framework to develop this direction in a regulated manner and in line with the Agricover business model,” said Andrei Vasile, CEO of Agricover Payments.
A payment institution, as a financial services provider regulated and supervised by the National Bank of Romania, may offer payment account opening and administration services, as well as services such as money transfers, cards and other payment instruments. Customer funds held by a payment institution are strictly protected through a series of mechanisms regulated under national and European legislation.
Agricover Payments is authorized to provide payment accounts, issue cards, carry out money transfers and enable cash withdrawals, all through an integrated digital experience. The company plans to gradually expand its range of services and operating scope, depending on farmers’ needs and development opportunities within the Agricover financial ecosystem.
The first expansion of its range of services will be announced on October 6, when the company will launch Agricover Pay. Developed in partnership with Visa, Agricover Pay is described by the company as “Europe’s first integrated financial platform developed specifically for the agricultural sector,” designed to simplify Romanian farmers’ access to financial services and digital tools tailored to their needs.
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Agricover Group is a major player in Romania’s agricultural sector, serving more than 11,000 farmers nationwide. With more than 25 years of industry experience and an entrepreneurial approach to business development, Agricover generates innovative solutions designed to transform both farmers’ businesses and their lives over the long term.
Agricover Group operates an integrated business model structured around the agricultural production chain, across two segments: Agrifinance and Agribusiness.
- Agrifinance: brings together Agricover Credit IFN, Agricover Payments and Clubul Fermierilor Români Broker de Asigurare, providing farmers with financing as well as related services, including insurance brokerage and digital financing and payment services.
- Agribusiness: brings together Agricover Distribution and Agricover Commodities, which specialize in the distribution of agricultural inputs — including certified seeds, crop protection and plant nutrition products, and fuel — to local farmers.
