- Gitex Africa 2023, was hosted in Morroco between May 31st and June 2nd
- Bizy Tech Limited shined during the Gitex Africa 2023, after revealing their latest innovation, Kilimo Bando.
- Nigeria, whose agriculture contributed 21.09 per cent to nominal GDP and has one of the highest growth rates in fintech companies.
Bizy Tech Limited took centre stage at the renowned GITEX Africa 2023 to present a new agri-fintech solution. While attending the largest digital innovation gatherings in Africa, Biz Tech Limited finally showcased its ability to transform Africa’s agricultural sector.
Bizy Tech Limited takes centre stage in Africa’s agricultural sector.
Africa is currently on the most significant transition in its history; its digital transformations. Within two decades, Africa has gone from having the lowest to the highest adoption rate of technology globally. Gitex Africa is among the few initiatives that seek to interconnect technical startups with investors and other titans in the tech world.
Gitex Africa 2023, was hosted in Morroco between May 31st and June 2nd. The event was such a success that almost every category of innovations had a representative. This included an agri-fintech solution, one of the latest digital innovations in Africa. Among its highlights was Biz Tech Limited, an innovative company seeking to place Africa at the top of technological advancements.
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Since its founding, they have gained quite a reputation as innovators in the design and development of enterprise mobile and web application platforms. Within the past five yearsAfrica’s digital transformation has affected other industries transforming them into entirely new sectors. Sectors such as fintech, blockchain applications, Agritech, medical tech and even real estate are a few industries that have rapidly adopted digital innovation.
Bizy Tech Limited shined during the Gitex Africa 2023, after revealing their latest innovation, Kilimo Bando. During their presentation, this new technology is an innovative agri-fintech solution that offers a broader take on improving Africa’s Agritech.
Bizy Tech stated that the new agri-fintech solution is a game changer that empowers small-scale farmers and agro-SMEs. Furthermore, it offers access to crucial financial and agri-related services previously out of reach. The new agri-fintech solution has over 671,00 active users out of the 3.4 million farmers in Tanzania. Kilimo Bando has steadily grown since its deployments.
Yethroy Ngaunje, CTO at Bizy Tech Limited said, “We are thrilled to have had the opportunity to showcase KILIMO BaNDO at GITEX Africa 2023, where we connected with key stakeholders who share our vision for empowering smallholder farmers and driving sustainable development. Our innovative agri-fintech solution has made a significant impact. It has over 3.4 million farmers benefiting from improved access to services that enhance their productivity and income.“
Since GITEX Africa 2023 was one of the largest tech gatherings, Bizy Tech Limited gained a rare opportunity to forge new collaborations. In addition, since the agri-fintech solution was one of its many projects, they can explore a potential partnership to improve Africa’s digital economy.
Understanding the importance of agri-fintech solutions
Like its predecessor, agri-tech, the term agr-fintech is a wordplay. It combines the expertise of two of Africa’s thriving economic activities; Agriculture and fintech. In a nutshell, agri-fintech segments several financial technologies such as financing, marketing, and logistic solution to implement within the agricultural industry.
It is important to note that despite borrowing from both industries, agri-fintech offers a broader range of possibilities. Aside from offering several financial services to farmers, agri-fintech solutions can also offer agriculture-based services.
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Despite heavily depending on the developer, this new technology picks the best out of both world and the present and entirely improved concept. For instance, an agri-fintech system can offer information on weather patterns which is vital information for any farmer. This allows them to plan ahead of time while acquiring other financial services such as insurance, and loans.
Its applicability and flexibility to benefit Africa are already in motion. According to AgFunder, Africa saw a 7.5x increase in agri-fintech venture funding in 2021.
For instance, Nigeria, whose agriculture contributed 21.09 per cent to nominal GDP and has one of the highest growth rates in fintech companies, has seen a significant increase in agri-fintech companies. The country hosts some of the largest agri-fintech companies in Africa. They include; ThriveAgric, Agrorite, Hervest and AgroMall.
Since 2017, ThriveAgric has worked tirelessly to ensure that small-scale farmers have acquired the necessary financial services they require. Their ingenuity in applying technology in agriculture would later earn them the 2022 Visa Everywhere Initiative for theirs.
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The need for agro-fintech solutions has grown over the years due to the slow-paced adoption of Agritech. Currently, small and medium-sized agricultural businesses in Africa are facing a $74.5 billion funding gap.
This financial gap drove Bizy Tech Limited into Africa’s agricultural sector. The Gitex Africa 2023, only offered the platform they required to showcase the practicability of their agri-fintech solutions. If Bizy Tech Limited can expand its new project to other African countries, it could potentially boost the industry in a few months.
