• Saturday, June 15, 2024
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ThriveAgric targets 125,000 northern farmers for financial inclusion


ThriveAgric an agricultural technology company has revealed plans to provide financial inclusion services to 125,000 smallholder farmers and create job opportunities for over 1,000 youths across eight northern states;

The states include Adamawa, Gombe, Yobe, Jigawa, Kaduna, Kano, Katsina, and Bauchi.

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ThriveAgric in a press statement signed by its spokesperson, Temiyeoluwa Alabi explained that the project AYuTe (Agriculture, Youth, and Technology) would improve access to finance, credit, and digital services, ultimately fostering increased productivity and economic empowerment for farmers.

Alabi said: “Through initiatives such as facilitating bank account opening, distributing debit cards, and establishing POS operators in rural communities, ThriveAgric, in In collaboration with Heifer International and with the support of Crust Microfinance Bank, is enhancing access to formal financial services for underserved populations.”

“ThriveAgric aims to provide $500 million in credit to 10 million smallholder farmers by 2027, with plans to double these numbers by 2050,” he noted.

Stephen Kanabe, managing director, Crust MFB, emphasized the importance of community, gender inclusion, and agency banking in driving financial inclusion across Nigeria.

“We are delighted to support ThriveAgric’s AYuTe Project and contribute financially to these underserved communities,” Kanabe said.

Chuba Ezeigwe, communications manager at Heifer International, stressed that, “Inadequate access to financial services is a significant barrier for smallholder farmers. We are excited to invest in ThriveAgric’s solutions and contribute to scaling up an agritech innovation that confronts financial inclusion challenges faced by these farmers.”

According to the statement, over 40,000 smallholder farmers now have bank accounts and debit cards, with cooperative groups set up to provide input financing for further benefits to beneficiaries.