Posted on June, 14, 2024 at 08:27 am
Furthermore, farmers will have access to financial services such as bank account opening and Visa card issuance, which will help to increase financial inclusion.
Eva Ngigi-Sarwari, Visa's Country Manager for Kenya, stated that the partnership will allow the payment company to establish a strong network that will directly benefit farmers. She also said that smallholder farmers are critical to Kenya's economy and the company's vision of expanding the digital payments ecosystem.
Ayo Arikawe, co-founder of ThriveAgric, acknowledged that this development marks a new phase in the company's efforts to expand in Kenya, which began last year, by establishing local hubs in Busia and Homabay counties.
According to a statement, the agritech has helped farmers significantly improve their yields and income, improving their livelihoods and promoting food security.
This approach is said to have increased agricultural productivity and economic growth in rural communities while promoting climate mitigation and adaptation.
In 2022, the agritech secured $56.4 million in debt funding from local commercial banks and institutional investors to grow its farmer base and expand into new African markets, including Ghana, Zambia and Kenya.
In April 2024, it announced a partnership with Acorn Rabobank to provide carbon credits to over 30,000 smallholder farmers across nine Nigerian states: Kaduna, Gombe, Adamawa, Taraba, Bauchi, Jigawa, Niger, Nassarawa, and Kano.
The emergence of agritech has had positively impacted Kenya's agricultural sector. Agriculture is the country's backbone, employing more than 40% of the population and contributing 65% of export revenue.
Source: Tech Point