The World Bank Group, the International Telecommunication Union (ITU) and the Committee on Payments and Market Infrastructures (CPMI), with support from the Bill & Melinda Gates Foundation launched a new global programme to advance research in digital finance and accelerate digital financial inclusion in developing countries: the Financial Inclusion Global Initiative. The program is composed of two different but complementary work streams: operational and knowledge. The operational work stream supports governments in improving access to financial services and digital financial inclusion...
Esoko is a communication tool created with a view to building connection between businesses, projects, NGOs, governments and smallholder farmers. Esoko started as a price information service but the team soon realized that farmers needed much more than market information and added weather alerts, crop advice, and linking buyers with sellers. Various research finds such services can improve incomes for farmers by roughly 10%. Watch this introductory video on Esoko: Credits: Esoko Over the years, Esoko developed two products: Tulaa and Insyt . Tulaa is a mobile money solution that allows...
Over 90% of sub-Saharan Africa’s 48 million smallholder farmers lack access to formal credit. Although agriculture accounts for around 65% of employment and 32% of gross domestic product, less than 6% of commercial loan recipients are smallholder farmers. The problem is on both sides: on the one hand, farmers cannot purchase quality inputs to improve their production, on the other hand, financial institutions cannot provide loans without an accurate assessment of the farmers’ financial viability. Farmers are therefore left with little access to credit, and financial institutions with a hole...
In Ghana, the agricultural north supplies food to buyers in the south. The travel is mostly done by car and takes up a lot of time. Also, these long journeys are done carrying large sums of money, as the north suffers from a lack of banks. To face the issue of large money trandactions across the country, the ADVANCE II Project (Agricultural Development and Value Chain Enhancement) has developed a mobile money solution as it diminishes the threat of theft, ensures efficient payment and offers the access to financial services such as savings, insurance, and credit. USAID ’s ADVANCE II Project...
Agricultural insurance is essential for smallholder farmers, as plots of land are small and the consequences of crop diseases and climate change effects can be disastrous. Yeld loss and damage monitoring and verification can be long and laborious task, causing huge delays in settlements. Although new technologies have been applied, drones, micro-satellites, digital photography can help improve the monitoring of crops and yelds for smallholders and insurance companies. Remote sensing can be a key tool for farmers to prove their crop and harvest loss to insurance companies. At the same time,...
THOUSANDS of smallholder farmers in the region are set to benefit from a digital platform connecting them to agents, buyers and banks in East Africa. Launched by Mastercard , 2KUZE, as the platform is known, is the latest offering in the region hailed as the cradle of African technology innovation. The agricultural technology app was developed at Mastercard's Nairobi Labs for Financial Inclusion with the support of the Gates Foundation. 2KUZE’s primary value proposition is connecting farmers, agents, and buyers on a digital platform toward greater pricing transparency and more effective...
