WEGRO’s Welfare and Woes: Fintech’s Mixed Fortunes in Joypurhat
Fintech-based agri-platform WEGRO has supported nearly 1,000 small-scale farmers in Joypurhat with agricultural inputs and training. However, it has also faced allegations of operating without official permission, acquiring land deeds and blank signed stamps from farmers, and collecting money under the guise of insurance—leading to demands for refunds and official intervention.
In a recent statement, WEGRO Technology Ltd. said many farmers have successfully completed seasonal cultivation with its support, while others are still engaged in crop production and livestock farming under the project. Around 130 farmers in Akkelpur received WEGRO’s assistance, and progress over the past two years was discussed in a gathering held on Monday, attended by WEGRO’s COO Faiyaz Safir, Head of Business Development Arif Rahman, and Akkelpur Upazila Nirbahi Officer (UNO) Monjurul Alam.
WEGRO claimed to have worked with over 12,000 farmers across 40 upazilas in Bangladesh, disbursing loans worth $10.2 million. Of this, $7.8 million has already been repaid by farmers.
However, controversy arose the following day, when, on Wednesday at around 11:30 AM, WEGRO was compelled to return land deeds, blank signed stamps, and insurance-related funds to 154 farmers at the Akkelpur Upazila Parishad premises. UNO Monjurul Alam confirmed the development, while victims such as Dilbar Hossain and Mukhtar Hossain also verified receiving their money back.
Regarding the matter, WEGRO’s COO Faiyaz Safir told the media, “Customers suffered due to the misconduct of one official named Sohel Rana. We regret the inconvenience and have taken action against him.” He added, “We have returned the money, deeds, and all documents to 154 individuals. The rest will be reimbursed by June 30.”
Following confirmation of misconduct, Sohel Rana was sentenced to seven days in jail and WEGRO’s local operations have been suspended, according to UNO Monjurul Alam. He warned that legal action would follow if the company fails to honor its commitment to refund all affected farmers on time.
Allegations surfaced that WEGRO had been running its business from Baridhara neighborhood in the district headquarters for three years without approval from the Deputy Commissioner or the UNO. It was accused of collecting BDT 3,500 each from over 1,000 farmers in the name of agricultural loans, in exchange for signed blank stamps, empty bank cheques, and land deeds as collateral—without subsequently issuing loans. When no progress was made after months of follow-up, farmers began filing complaints with relevant authorities.
Despite the controversy, WEGRO has previously received recognition, winning the Best Startup Innovation and Best Innovation in Agriculture categories at the 2023 Bangladesh Innovation Awards, and was named a winner at the 2024 Singapore Fintech Festival.
