ThriveAgric partners with Heifer International to provide 125,000 smallholder farmers with access to financial inclusion services

by MMC
0 comment

Agricultural technology company, ThriveAgriculturein collaboration with a global non-profit organization, International Heifer, today hosted a breakfast in Abuja, Nigeria, to mark the official launch of the company’s AYuTe (Agriculture, Youth and Technology) project. The initiative, which aims to give 125,000 smallholder farmers access to financial inclusion, further reiterates the company’s mission to build the largest network of profitable farmers across Africa while ensuring security food on the continent.

Over the next twelve months, ThriveAgric and its technical partners will facilitate the opening of bank accounts for 125,000 smallholder farmers in 8 northern states, including Adamawa, Gombe, Yobe, Jigawa, Kaduna, Kano, Katsina and Bauchi, giving them access to debit cards. and other miscellaneous financial services. The project will be on course to win the 2022 edition of the annual Africa Agriculture, Youth and Technology (AYuTe) Challenge, an initiative of Heifer International.

In addition to employing over 200 youths to execute this project, ThriveAgric will also provide 1,000 point-of-sale (POS) devices to selected Nigerian youths to augment and provide additional income to their families.

According to EFInA survey on access to financial services 2020, only 51% of Nigerian adults use formal financial services, with women consistently more excluded than men. The report highlights in particular that significant gaps in financial access remain for some of Nigeria’s most financially excluded groups, with adults in northern Nigeria significantly more financially excluded than those in southern Nigeria. Among this group, rural adults are even more excluded than those in urban areas, resulting in minimal access to finance or financing options. ThriveAgric will therefore approach this project through a gender lens to ensure that at least 40% of the targeted beneficiaries in the 8 northern states of Nigeria, including smallholder farmers, outlet operators and project employees, are women.

Speaking on the company’s vision behind the AYuTe project, Ayodeji Arikawe, Co-Founder of ThriveAgric, said: “At ThriveAgric, our driving force has always been to empower smallholder farmers to live with dignity. By connecting smallholder farmers to the formal financial economy, we position them for better access to finance, credit and digital services and introduce them to the formal economy which has many other long-term benefits. We are excited about this initiative we are undertaking with Heifer International as part of the AYuTe Africa Challenge, and the long-term impact of this strategic partnership with VISA on creating employment opportunities and financial inclusion and social. Our unwavering commitment to positively impact smallholder farmers and their immediate communities across Africa will become even more evident through this project, as we move towards our goal of developing the largest network of profitable farmers in Africa .

Last year, ThriveAgric became the West African winner of the annual AYuTe Africa Challenge, receiving a $1 million grant. Organized by Heifer International, the Agriculture Youth Technology (AYuTe) Challenge was created to support young entrepreneurs working to increase food security on the continent by developing and deploying affordable technology solutions to impact smallholder farmers. In addition to cash grants, Heifer International also deploys a team of expert advisors and accomplished business veterans to support AYuTe Africa Champions as they translate this funding into business expansion strategies.

According to Heifer International Country Director, Rufus Idris, “Inadequate access to financial services is a major barrier preventing smallholder farmers from improving their agricultural practices, adopting innovation and increasing their production. We are excited about this opportunity to not only invest in ThriveAgric’s solutions, but also develop agritech innovation that addresses the financial inclusion challenges facing smallholder farmers in Nigeria.”

Access to finance remains one of the biggest challenges facing smallholder farmers in Africa. According to WillAgri, only 10% of farmers have access to credit in rural areas of sub-Saharan Africa. By facilitating account opening, bank card distribution and the creation of POS operators in rural northern communities, ThriveAgric will increase access to formal financial services through digital tools, thereby promoting inclusion finance, a key promoter of access to finance and markets for more smallholder farmers. . Key partnerships with companies like Visa to reach the most financially excluded groups, many of whom are smallholder farmers, demonstrate how ThriveAgric will leverage strategic partnerships to achieve the company’s ambition to provide $500 million in credit to 10 million smallholder farmers across Nigeria and Ghana. , and Kenya by 2027.

Commenting on this innovative initiative, Ayodeji Alabi, Head of Fintech at Visa Inc. West Africa, said: “We wish ThriveAgric good luck with this initiative to bring over 125,000 farmers into the financial inclusion drive in Nigeria. . With ThriveAgric as a 2022 Visa Everywhere winner, they have our full support in this journey to facilitate payment solutions to ensure underserved communities are banked.

The AYuTe project is another step in the right direction for ThriveAgric, as the company accelerates towards its goal of building an Africa that feeds itself.

You may also like

Leave a Comment

afriqaa (1)

The news website dedicated to showcasing Africa news is a valuable platform that offers a diverse and comprehensive look into the continent’s latest developments. Covering everything from politics and economics to culture and wildlife conservation

u00a92022 All Right Reserved. Designed and Developed by PenciDesign