Farmcrowdy, Nigerian agritech startup has recently launched Farmcrowdy 3.0 as it expands into various enterprises.
The launch was announced as the agritech platform marks it 4th year anniversary on Saturday, November 14, 2020, a day which also coincide with the National Digital Agriculture Day.
Founded in 2016 by 5 young Nigerians led by Onyeka Akumah, with the aim of empowering farmers by connecting them to alternative financing and market access via a crowdfunding platform announced that it will extend its service in agriculture beyond financing into using technology to boost the food value chain as well as the launch of a new E-commerce platform and its trading and aggregation platform for smallholder farmers.
The new Farmcrowdy 3.0 consists of 6 business units which the agritech platform plans to focus on by 2021.
The business units comprise:
- FC Foods
- FC Tech and Data
- FC Aggregation
- FC Insurance
- FC Marketing
- FC Structured Finance
These new units are Farmcrowdy’s long term ambition in bringing a revolution to food availability in Nigeria and beyond.
Christopher Abiodun, Farmcrowdy COT, while speaking on one of the business units, FC Tech noted that the number of small-scale farmers in Nigeria is 38 million and 90% from the figure experience huge challenges in transporting their farm produce down to the market.
According to Christopher, all the new business units would leverage technology to solve the major challenges experienced by farmers in the food value chain.
This business unit is set to offer data analysis, yield predictions and insights while offering technical field support and app for farmer’s convenience.
is a one-stop E-commerce platform for fresh food and groceries. It was created in the heat of the COVID -19 pandemic as a solution to the growing food scarcity by giving individuals the opportunities to purchase food items that are fresh, healthy, and fit for consumption conveniently from the comfort of their homes.
Since inception in April 2020, Farmcrowdy foods has been able to successfully complete over 3,000 orders in it’s first 90days, through the Farmcrowdy Foods mobile app available on the Google and IOS app store.
FC Structured Finance
Speaking on the Structured Finance business unit heads by Oluwakotanmi Ojo, “the unit sets to assist farmers access capital and loan facilities”
while noting that farmers make up 50% of the Nigerian population and 90% of them lack access to loan facilities.
According to Ojo, small-scale farmers in Nigeria face three notable challenges: high-interest loan rate, inadequate information and financial exclusion.
The unit will provide farmers the following:
- Availability of produce to consumers
- Third-party partnership
- Farm implemented financing
Babajide Aroyewun speaking as the Business Lead of FC marketing, noted that the unit will execute an all-round integrated marketing system.
According to Babajide, FC marketing is leveraging Agricsquare, it’s business marketing platform having over 25,000 members.
Agicsquare is a platform where users meet up with agritech enthusiasts.
Akindele Philips, Farmcrowdy’s Chief Risk Officer, who leads FC Insurance commented that the is set to be the conduit between the food value chain participants and farmers.
According to Akindele, only 1.9 % of Nigerian adults possess any form of insurance scheme and this in return affects Nigeria’s food production.
Following this development, small-scale farmers require platforms to obtain insurance schemes. Digital platforms that would make insurance available and affordable.
FC Insurance is set to provide farmers with the following insurance packages: health, life, property and crop.
Ibiza Luya heading FC Aggregation explained that key challenge of small-scale farmers is market access.
If farmers can’t reach end consumers, then the whole purpose of food production is defeated.
Identifying this challenge, FC marketing is set to launch a project with the aim to improve trading through
On this platform buyers and sellers can interact and trade with each other.
Since inception in November 2016, Farmcrowdy has amassed a network of over 300,000 farmers in its network, cultivated across 17,000 acres of farmland, reared 3 million broiler birds and deployed funds for farming projects across Nigeria.
Farmcrowdy plans expanding to Kenya, Rwanda, Ghana and the Caribbean.
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