Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

Digital Inclusion

Nigeria's ThriveAgric partners with Visa to expand into Kenya

Article Image
Nigerian Agritech startup ThriveAgric is partnering with digital payments firm Visa to support its expansion into Kenya as it launches more hubs to support up to 10,000 local farmers.

ThriveAgric was founded in Nigeria with the aim to empower smallholder farmers by leveraging technology to access finance, improve productivity and sales, and promote food security.

ThriveAgric was the global winner of the 2022 Visa Everywhere Initiative – an open innovation program that helps startups unlock new opportunities – and has plans to set up local hubs to support farmers in the five Kenyan counties of Busia, Homabay, Migori, Nandi and Narok.

"Our partnership with Visa marks an exciting new chapter in our journey as we double down on our Kenyan expansion which started last year and establish local hubs in Busia and Homabay counties," said ThriveAgric co-founder Ayo Arikawe.

The current hubs serve as learning centers where farmers can gather for training sessions and facilitate the distribution of inputs.

The hubs will allow agents to aggregate produce during harvest time and enable farmers to deliver their produce to the hubs after harvest and receive payment based on the quality that meets market specifications.

ThriveAgric has over 450 warehouses and works with over 800,000 smallholder farmers in Nigeria, Ghana and Kenya – including more than 5,000 young people.

The agritech company aims to provide $500 million in credit to 10 million smallholder farmers by 2027 and to double those numbers by 2050.

ThriveAgric works with over 800,000 smallholder farmers in Nigeria, Ghana and Kenya, including more than 5,000 young people.   (Source: ThriveAgric)
ThriveAgric works with over 800,000 smallholder farmers in Nigeria, Ghana and Kenya, including more than 5,000 young people.
(Source: ThriveAgric)

"Smallholder farmers are essential to the Kenyan economy and to our vision of expanding the digital payments ecosystem. This partnership will enable us to build a strong network to directly benefit farmers," added Eva Ngigi-Sarwari, country manager for Kenya at Visa.

Financial inclusion for farmers

Visa said that financial literacy and inclusion are fundamental factors of the program. Through training, farmers will gain tailored financial knowledge. The program will also facilitate access to financial services for the farmers, including bank accounts and Visa cards, to further enhance financial inclusion.

Even though the share of agriculture in Kenya's GDP has declined over the years, it is still key to Kenya's economy and accounts for about 21.3% of the nominal gross domestic product (GDP), according to data from the Central Bank of Kenya (CBK). It also has an additional indirect contribution through linkages with other sectors.

The sector employs more than 40% of the total population and more than 70% of Kenya's rural people, cementing its importance to the overall economy.

However, challenges remain when it comes to accessing finance, with high interest rates being the most prominent barrier that farmers face.

Through providing access to capital, premium global markets and data-driven farming techniques, ThriveAgric has enabled farmers to significantly boost their yields and income, elevating their livelihoods and promoting food security.

In April 2024, ThriveAgric announced a partnership with Acorn-Rabobank to empower 30,000+ smallholder farmers in Nigeria with carbon credit access.


Want to know more? Sign up to get the weekly Connecting Africa newsletter direct to your inbox.


In October 2023, ThriveAgric also partnered with Heifer International to launch the AYuTe (agriculture, youth and technology) project, aimed at providing 125,000 Nigerian farmers with access to financial inclusion.

In March 2022, the company raised $56.4 million in debt funding from local commercial banks and institutional investors. The raise also included a co-investment grant of $1.75 million from the USAID-funded West Africa Trade and Investment Hub to fund its growth plans in Ghana, Zambia and Kenya.

Related posts:

*Top image source: freepik.

— The Staff, Connecting Africa

Innovation hub

Story

Africa can leverage GenAI for economic growth – Microsoft

A whitepaper on generative artificial intelligence (GenAI) and the future of work has found that the African continent, with its young population, can leverage AI to drive economic growth.

Registration opens for Africa Tech Festival 2024

Registration has opened for the 2024 edition of Africa Tech Festival, the continent's leading platform for technology innovators, specialists and thought leaders.

More Innovation hub

Latest video

More videos

Partner perspectives

All Partner Perspectives

Sponsored video

More videos

Follow us on X

Industry announcements

More Industry announcements

Upcoming events

Cyber Revolution Summit
August 9, 2024
Gaborone, Botswana
Africa Tech Festival 2024
November 11-14, 2024
Cape Town, South Africa
More Upcoming events

Africa Tech Perspectives

Story

Uber's Marjorie Saint-Lot on inclusion and sustainability in Africa

Uber's Country Manager for Ghana and Cote d'Ivoire, Marjorie Saint-Lot, shares how the ride-hailing company is approaching public-private partnerships, environmentally friendly initiatives and gender inclusion in Africa.

Story

The 100 most influential African leaders in 2023

A new report from Africa Tech Festival and Connecting Africa puts a spotlight on the top 100 African leaders in the telecoms and technology sector in 2023.

Story

Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

More Africa Tech perspectives

Guest Perspectives

Story

How e-mobility could transform Africa's transport sector

By Francis Hook

ICT analyst Francis Hook delves into Africa's e-mobility sector and unpacks the challenges faced locally and the benefits the move to electric vehicles could bring to urban transport systems.

Story

Omdia View: April 2024

By Omdia Analysts

April 2024's telecoms highlights in the Middle East and Africa included a license for Starlink in Ghana, new mobile termination rates in Ethiopia, and 6G trials in Bahrain – that and more in the latest Omdia View.

More Guest Perspectives

Like us on Facebook

Newsletter Sign Up


Sign Up
Tag id test-002