Browsing: Small scale agribusinesses

Mastercard and Ecobank Group to connect small-scale farmers to Farm Pass.

In Sub-Saharan Africa, more than 60 per cent of the population is comprised of small-scale farmers, and the agricultural sector is anticipated to provide 23 per cent of the continent’s GDP, as stated by McKinsey & Company. However, just 3% of the industry is eligible for banking credit, which severely restricts the ability of farmers to expand their businesses or reduce the impact of unfavourable harvests.

“In contemporary times, ensuring food security is a requirement that is both vital and urgent. As a result, we are going to have to step up to the challenge and create chances for growth in Africa’s agriculture value chain. Our collaboration with Mastercard has arrived at the perfect time to hasten the process of providing smallholder farmers in Africa with access to the essential financial services they require.

These services are essential to the achievement of Africa’s full agricultural potential. According to Ade Ayeyemi, the chief executive officer of Ecobank Group, “It will also assist deliver value across the farming and agricultural value chain, which will make farming in Africa more profitable, resilient, and competitive, ultimately contributing to the expansion of the continent’s economy.”