NIGERIA – Farmcrowdy, an Agritech company in Nigeria has announced the expansion of its business beyond financing, into using technology to serve all individuals across the entire agriculture value chain prioritizing stakeholder access to better yields, lower costs, and smarter marketing.
The digital agriculture platform announced the diversification plan dubbed Farmcrowdy 3.0 during its 4th year anniversary celebration, reports Tech Next Nigeria.
Farmcrowdy 3.0 is an umbrella platform comprising 6 business units leveraging on technology, which the company is looking to focus on in the next year to include FC Tech and Data; FC Structured Finance; FC Insurance; FC Marketing; FC Aggregation; and FC Foods.
FC Aggregation, for instance, has the ultimate goal of making sure farmers get their work’s worth.
Highlighting that the major problem for farmers is access to market, FC Aggregation business lead, Obi Luya explained that this is a two-pronged problem as farmers can’t reach buyers directly and vice versa.
This, coupled with poor storage and transport facilities means N3.42 trillion is lost annually due to post-harvest losses.
To solve this problem, FC aggregation is launching a Production and Outgrowers project which aims to facilitate trade through a platform called Farmcrowdy Trader, linking buyers and sellers.
For FC Foods, it is a one-stop for purchase of fresh food and groceries. It was created in the heat of the COVID -19 pandemic as a solution for consumers to conveniently purchase their foods from the comfort of their homes.
Since inception in April 2020, Farmcrowdy foods has been able to successfully complete over 3,000 orders in its first 90 days, through the Farmcrowdy Foods mobile app available on the Google and IOS app store and now.
Farmcrowdy Foods is set to launch its E-commerce platform where consumers can purchase all their fresh foods and get value for their spending.
Speaking about FC Tech, Farmcrowdy CTO, Christopher Abiodun noted that the new business units target 30,000 farmers.
Farmcrowdy Tech and Data looks to provide insights, market and yield predictions, market research points, data analysis and others to help improve farmer decisions and outcomes across several value chains.
For the Structured Finance business unit, its head, Oluwakotanmi Ojo said the unit aims to help farmers access capital and loan facilities. He noted that 50% of the Nigerian population are farmers and 90% of them have no access to loan facilities.
He chalked the financial limitations of farmers to three major challenges: lack of info and access; financial exclusion because only 28.5% of the Nigerian population have any financial relationships with banks; and finally, high-interest loans.
He said the unit would focus on equipment financing, third party collaborations and finally making farm produce directly available to end consumers at affordable prices.
For FC Insurance, its focus is to provide access to life, health, crop & property Insurance for farmers & other low-income agro value chain participants at an affordable rate.
Under FC marketing, its business lead, Babajide Aroyewun said the unit operates a 360-degree integrated system of marketing in its quest to become a marketing solutions provider.
He introduced the business’ marketing platform, Agricsquare which he claimed has over 25,000 active members talking tech and agric.
Agricsquare is a public social community for users to meet and interact with agritech enthusiasts.
FC Marketing is expected to spearhead Farmcrowdy’s expansion into Ghana Rwanda, Kenya, the Caribbean etc.
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