A new report, “Growth Enhancement Support Scheme (GES) Dry Season, 2016”, has highlighted key progress on food security and financial inclusion for farmers across 30 states in Nigeria.
The program which set out to service 500,000 farmer-households in 4 value chains, accomplished 92% of the targeted subsidized service, but as a result on-boarded an additional 200,000 farmers into a financial support platform. 400 Agribusinesses and more than 1000 jobs were created because of the program.
The report highlighted the effects of technology on agriculture as well as projections for the industry.
Since 2011, with technology, governments have been able to eliminate corruption, promote transparency and transform the Agricultural sector. In Nigeria where there is a clear disconnect between Broad Street (Financial sector) and Main Street (our inner cities and rural areas), interventions like GES become very important when it comes to the creation of real growth in the economy. With the dry season program impacting more than 350,000 farmers, enough food will be produced to feed roughly 120M Nigerians for two months; In 2017, private sectors and financial partners will begin to test pilot the injection of loans into the system; Messer Cellulant, has arranged the consortium of financial sector actors who have agreed to deploy a loan book portfolio of $100 million into smallholder farmers’ micro loans.
The goal is to achieve 1,736,445 farmers borrowing betweenJune 2017, to July, 2018.
This transformation was made possible by the Agrikore platform also known as the “e-wallet” platform. Cellulant for Nigeria developed Agrikore in 2012. The Agrikore platform at its core, provides the tools for the creation of a structured agribusiness economy (agriconomy). The platform provides value for users which includes ensuring a start to end management of interventions (schemes), providing visibility of the cash flow movements within the schemes, enabling the management of accounts, executing payment and reconciliation processes, as well as enabling start and end to end management of services, products catalogue and inventories.
Liberia is the first country outside of Nigeria to have adopted and implemented the Agrikore platform and all its elements fully. Other countries such as Togo and Malawi are in advanced stages of replicating this system. Governments from the Middle East have also indicated interest in the implementation of the platform.
Cellulant is an award-winning mobile commerce company operating a one-stop payments ecosystem in Africa; connecting financial sector customers, Mobile Network Operators and businesses to their increasingly mobile consumers.
Driven by the mission to build a world class business in Africa, for Africa, by Africans, and connect businesses to their consumers across all sector; the company’s ecosystem connects over 95 banks, 30 Mobile Network Operators, 2 Government-backed e-Wallets and more than 600 blue chip companies.