Why financial inclusion for African farmers matters 

0

 It is unfair to mention African development pillars without mentioning the agriculture sector which employs nearly half of the population of sub-Saharan Africa (SSA).   The sector has enormous benefits to the continent, where farmer-centred organizations such as AGRA (Alliance for a Green Revolution in Africa) argue that nearly one-half of the young population is involved in the continent’s 60 million farms.  It is with no doubt that African farms stand to be the next profitable food market suppliers of the world.   “Out of total urban food sales of roughly US$200 to US$250 billion per year, over 80 per centcomes from domestic African suppliers,” according to AGRA.  Nearly 23 per cent of SSA’s GDP comes from agriculture (McKinsey, 2019); the sector is responsible for providing decent income, growth and poverty reduction for SSA.  The region’s food market was valued at $300 billion in 2017 and it could be worth around $1 trillion ten years from now (World Bank, 2020).  All these numbers and facts do not make up for a utopian horizon for farmers to dwell upon and reap unrestrained benefits. Sadly, there are a few hurdles to jump, and one of them is the lack of formal financial services for farmers.  Also Read: Kenyan youth

Subscribe to unlock this article

Login to read this article for free and get 3 free premium articles. Subscribe today for unlimited premium articles and more.

Digital Subscription – Monthly

Monthly renewing
You can cancel anytime.

$5 /Monthly

Digital Subscription – Annually

Monthly renewing
You can cancel anytime.

$40 /Annually

Padili Mikomangwa is an environmentalist based in Tanzania. . He is passionate about helping communities be aware of critical issues cutting across, environmental economics and natural resources management. He holds a bachelors degree in Geography and Environmental Studies from University of Dar es Salaam, Tanzania.

We hope you enjoyed your last Free Premium Article

Support Quality African Journalism and subscribe for less than $4.00 per month for unlimited access.

ACCESS YOUR
INSIGHT
INTO AFRICA

We hope you enjoyed your third Free Premium Article

Support Quality African Journalism and subscribe for less than $4.00 per month for unlimited access.

3 OUT OF 3
FREE ARTICLES FOR THIS MONTH

We hope you enjoyed your second Free Premium Article

Support Quality African Journalism and subscribe for less than $4.00 per month for unlimited access.

2 OUT OF 3
FREE ARTICLES FOR THIS MONTH

We hope you enjoyed your first Free Premium Article

Support Quality African Journalism and subscribe for less than $4.00 per month for unlimited access.

1 OUT OF 3
FREE ARTICLES FOR THIS MONTH