Nigeria’s ThriveAgric to financially empower 125 000 farmers

ThriveAgric, an agritech start-up based in Nigeria, in partnership with Heifer International, has unveiled its AYuTe (“agriculture, youth and technology”) project. It is set to empower 125 000 smallholder farmers with access to financial inclusion, reinforcing its commitment to creating a robust network of profitable farmers across Africa.

Over the next year, ThriveAgric, alongside its technical partners, will facilitate the opening of bank accounts for farmers spanning eight northern states in Nigeria, including Adamawa, Gombe, Yobe, Jigawa, Kaduna, Kano, Katsina, and Bauchi.

This initiative is a result of ThriveAgric’s victory in the 2022 edition of the annual Agriculture, Youth, and Technology (AYuTe) Africa Challenge, an initiative pioneered by Heifer International.

This ambitious project aims to combat the significant financial exclusion prevalent among rural adults in Nigeria. According to the EFInA Access to Financial Services Survey 2020, only 51% of Nigerian adults utilize formal financial services, with women being disproportionately excluded.

The AYuTe project will approach this challenge through a gender-sensitive lens, ensuring that at least 40% of the beneficiaries, including smallholder farmers, Point of Sale (POS) operators, and project employees, are women.

It will not only provide financial inclusion to smallholder farmers but also create employment opportunities for young people. ThriveAgric plans to employ over 200 youths for this project and provide 1 000 POS devices to selected Nigerian youths, enhancing their family incomes and economic stability.

Ayodeji Arikawe, co-Founder at ThriveAgric, emphasised the significance of the AYuTe Project, stating, “By connecting smallholder farmers to the formal financial economy, we are positioning them for better access to finance, credit, digital services, and introducing them to the formal economy, which has numerous other benefits in the long run.”

ThriveAgric’s strategic partnership with Heifer International and support from Visa Inc. West Africa underpin the company’s commitment to providing $500 million in credit to 10 million smallholder farmers across Nigeria, Ghana, and Kenya by 2027.

Heifer International’s country director, Rufus Idris, commented, “We are excited about this opportunity to not only invest in ThriveAgric’s solutions but to scale up an agritech innovation that confronts financial inclusion challenges facing smallholder farmers in Nigeria.”

This initiative is a testament to ThriveAgric’s relentless pursuit of its mission to empower smallholder farmers and foster agricultural growth in Africa. The AYuTe project marks a significant stride toward a future where Africa is self-sufficient in its food production, ensuring sustainable agriculture and economic prosperity for its people.

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