NongHyup Bank, Sole Financial Institution Agreement for Agricultural Food Voucher Program

Carrying Out Related Financial Services Until 2027

NH Nonghyup Bank announced on the 12th that it has signed a business agreement with the Korea Agro-Fisheries & Food Trade Corporation, the dedicated agency for the agricultural food voucher program.

The agricultural food voucher program supports the purchase of fresh agricultural products for vulnerable groups. Eligible recipients include households receiving livelihood benefits with pregnant women, infants, or children under 18 years old. Voucher users can use the agricultural food voucher card to purchase domestic vegetables, fruits, meat, fresh eggs, and more at designated locations.

Eligible households can apply starting from the 17th through their local eup/myeon/dong administrative welfare centers or the agricultural food voucher website. Selected households will be issued personalized cards by Nonghyup Bank, which will be sent by registered mail to their homes or administrative welfare centers.

Nonghyup Bank was solely selected as the financial institution for this project in August last year and developed a dedicated voucher system, as well as established the card issuance and delivery system. They also created an operational system including the development of a business budget management API for 229 cities and counties nationwide.

With this business agreement, from March this year until December 2027, Nonghyup Bank will handle financial tasks such as issuing, approving, and settling agricultural food vouchers, as well as managing the project budget.

A Nonghyup Bank official stated, “The agricultural food voucher program is an important project that not only supports vulnerable groups but also strengthens the competitiveness of our agriculture and rural areas. Nonghyup Bank will actively support the program by utilizing its nationwide infrastructure for promotion and conducting its own promotions linked to increasing rice consumption.”