Nigeria’s UfarmX enters Senegal to support farmers through blockchain
UfarmX, a Nigerian agri-tech startup that harnesses blockchain technology to empower smallholder farmers in rural, unbanked, and underserved areas, has broadened its reach to Senegal. The initiative aims to transform perceptions of agriculture, presenting it as an attractive, contemporary, and lucrative career option for the younger generation.
The UfarmX platform serves multiple purposes, linking farmers to quality inputs, often on credit with the assistance of a transparent blockchain ledger. It facilitates access to markets after the harvest and provides essential data for farmers to scale their operations.
Established in 2019, UfarmX claims to currently support over 1,300 farmers. Its expansion into Senegal is made possible through a strategic partnership with The SEED Project, an NGO founded by Amadou Gallo Fall, the President of the Basketball Africa League (BAL).
Points clés à retenir
UfarmX is one of many new agritech startups that have sprung up across Africa, and are finding business opportunities in addressing the lack of infrastructure and other farming challenges. Africa is fast becoming a global leader in the agritech space, with the continent boasting the highest number of agritech services in the developing world, reaching over 30 million smallholder farmers, as of 2021. The startup’s expansion is even more relevant considering Senegal's economic makeup. Agriculture is an important barometer of the West African economy, accounting for about 16% of GDP in 2020. Up to 60% of the workforce is engaged in food crop production but while Senegal's overall economy grew by 6.1% in 2021, the agriculture sector slowed to 4.6% growth in 2021, after increasing 23.4% in 2020.