To increase the productivity of Nigerian farmers, Africa’s top Agri-Fintech business Tingo Mobile and the All Farmers Association of Nigeria (AFAN) have signed a Memorandum of Understanding (MOU) under which Tingo Mobile will lend nearly 20 million farmers in Nigeria smartphones and farm inputs.
A smartphone application enables farmers to do business and communicate with the outside world.
Tingo Mobile, on the other hand, will offer loans to farmers in the form of farm inputs like seed, tractors, fertilizer, chemicals, cash loans, and device service. When the farmers harvest, they will then repay their loans within 36 months using the produce from their farms.
Ayoola Olaide, the Chief Commercial Officer of Tingo Mobile, claimed that the company would group farmers and offer them Fintech and telecoms solutions that would enable them to reach international markets.
He continued by saying that the effort would include tools for farmers to use in order to upload their farm products, sell them, and get paid all at once.
His words are:
We aggregate farmers all over the country, providing them with telecommunications and Fintech solutions that allow farmers to access the global markets and be able to give many incentives, facilities, and materials that will help farmers to be able to make sure that their products meet international standards and they have access to the global market. Our business would allow us to give farmers mobile gadgets and these gadgets can be repaid over a period of 36 months with the least arrangements. With this gadget, farmers will have voice and data calls so that they can be able to upload their farm produce and also be able to sell and receive their payments at a go. As technology advances, we are also coming up with more numerous solutions and we have partners all over the world. We have seen that all over the years, the rural communities have been neglected and we know that food is actually the most essential thing around the world, and if we concentrate on the agricultural sector, we will be able to change the world. With this initiative, we believe that our collaboration with AFAN will provide farmers with everything needed for them to be able to do well in their businesses.
Given the current global food crisis, which has continued to worsen acute hunger in countries including Nigeria, Tingo’s relationship with the All Farmers Association of Nigeria (AFAN) is very noteworthy.
This effort would boost food production in the nation, addressing the issue of hunger and malnutrition that has resulted in the loss of life.
