Nigeria's ThriveAgric partners Visa to accelerate Kenya expansion
TLDR
- ThriveAgric, Nigerian agritech startup, partners with Visa to expand into Kenya and support 10,000 farmers.
- Local hubs in five counties provide training, input distribution, and a market for farmers' produce.
- Agents consolidate produce for quality-based payments, enhancing farmer efficiency and market access.
ThriveAgric, a Nigerian agritech startup, has announced a partnership with payments giant Visa to expand into Kenya and support up to 10,000 farmers.
The agritech company intends to establish local hubs to assist farmers in five counties: Busia, Homabay, Migori, Nandi, and Narok, with the Homabay and Busia hubs serving as learning centers where farmers can gather for training sessions and input distribution.
The hubs will allow agents to consolidate produce during harvest, allowing farmers to deliver their crops to the hubs after harvest and receive payment based on market quality standards.
Key Takeaways
Although the share of agriculture in Kenya’s GDP has decreased over time, it remains pivotal to the economy, comprising approximately 21.3% of the nominal GDP as per the Central Bank of Kenya. The sector's significance extends beyond direct contributions, with substantial indirect impacts through linkages with other sectors. Agriculture remains the largest employer, engaging over 40% of the total population and more than 70% of rural residents, highlighting its critical role in Kenya's socioeconomic fabric. Nevertheless, challenges persist, particularly in accessing finance, with high interest rates identified as a major barrier. Most funds are allocated toward purchasing farm inputs and covering labor costs, essential for operational sustainability. Addressing these financial hurdles is crucial for fostering agricultural productivity and resilience, thereby supporting broader economic growth and rural livelihoods in Kenya.
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