Farmcrowdy, a Nigerian startup behind the West Afrikan country's digital agriculture platform, has announced the launch of their new mobile app for funding small-scale farmers. The AgriTech startup has also introduced a new category of funding for small-scale farming in Afrika by allowing Nigerians to venture and sponsor agriculture.
Farmcrowdy's new mobile app is available for Android, iOS and Windows mobile devices.
“We have launched the Farmcrowdy app to provide an accessible, real-time platform for people on the go, who do not want to miss out on empowering their own communities. In the past month alone, we have witnessed over 500 farm units of poultry - 25,000 chicks - sell out in a few hours to engage farmers who would have found it difficult accessing loans in the banks; so it’s super fast-paced. People are equally excited about creating impact in the lives of our farmers while earning a decent return. Nigeria is a mobile-first society and we had feedback from our sponsors who said they wanted improved access to our farms. They spoke, we listened, and we have now built a platform that suits Nigerians’ preferred means of doing business. - a mobile app. We expect that with this move, we would continue to stay at forefront of innovation in Agritech across Nigeria and scale our activities into more states in Nigeria while attracting more farm followers and sponsors to engage our farmers,” said Onyeka Akumah, Co-Founder, and CEO at Farmcrowdy.
Through their online platform, Farmcrowdy sources funds from sponsors, whose money is then used to secure land, plant crops and meet the funding needs of boosting food production with small-scale farmers in Nigeria. According to the startup, sponsors can expect to see returns after harvest of 6-25% between a 3-9 month period, depending on what farm type they choose to fund.
“By effectively placing farms in the pockets of Nigerians globally, we are collectively impacting national food production and food security. This is our way of creating impact and return model for everyone sponsoring small-scale farmers with Farmcrowdy," said Akumah.
Some reports have suggested that more than 80% of farmers in Nigeria operate on a small-scale level and it is currently estimated that 38 million of them are unbankable.