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A country like Nigeria is well known for its huge agricultural production. More than 70% of the population is engaged in agriculture. In addition, in the past agriculture contributed more than 60% of the nation’s GDP, but today it represents barely 10%. This informs us that there are plenty of opportunities for FinTech startups to look toward the farming population. Despite the apparent opportunities in agriculture, many large and small farmers in Nigeria face many challenges, including poor access to basic services and inadequate capital. Studies have shown that farmers in Nigeria find it difficult to engage in large-scale farming because there is little financial inclusion in these areas. One study called this set of farmers “the unbanked.” Worse yet, Michael Ogundare, CEO of Crop2Cash, noted that due to the fragmentation of agricultural value chains, lack of tracking data, and payment channels, banks have been shying away from lending farmers loans, and only 7% of over 38 million farmers in Nigeria have access to credit. As stated above, countries like India, China, and Brazil have been able to improve their agricultural sector through the provisions of agri-fintech. In this article, I discuss how FinTech founders can develop agri-fintech that can get more farmers to use their platforms.
Design Your Customer Pool
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When designing your group, you should establish how your startup would operate and the specific people you want to serve. This is when you design and develop an agri-fintech that is tailored to specific types of farmers. Your agri-fintech can be binary or multipurpose. For example, you may choose to design your startup to serve grain farmers only. Additionally, when you design your customer pool, you can, with the use of your digital sales enablement platform, help retailers, grain companies, input manufacturers, and farmers manage their business processes efficiently.
Develop A Marketplace Competence
Provide Alternatives To Financing
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Successful agri-fintechs provide financing along with agricultural inputs. To build a successful agri-fintech that will get more farmers on board, you must provide an alternative to vendor financing by providing agro-dealers, and small and mid-sized farmers with seedlings, fertilizers, and even machinery.
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You might also like:
- Addressing the Critical Financial Challenges of Nigerian FinTechs
- How to Recruit Top Talents for Your FinTech Startup
- How Artificial Intelligence Can Help FinTech Startups Cut Costs
- What Type of FinTech Startup Do Nigerians Want?
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