Tech & Business

Fintechs, Numida step up to bridge the gap for small holder farmers

Technology is making their work easier and effective to work collaboratively with the farmers in a mutual relationship.

Statistics and analysis have reportedly stated that 70 per cent of Ugandan adults work in the field of agriculture. Perhaps this is the sole reason as to why agriculture is the backbone of Uganda’s economy and hence the rift to why more money should be allocated for it in the financial budget. The largest coffee producer in Africa as well has flourished in the agribusiness as it thrives to enter global market for growth, exposure and expansion.

The main challenge in this field however has been felt by small scale farmers who not only have the disadvantage of financial inclusion but technology as well. The year 2017 began on a sour note with the climatic conditions taking a different shift. That has not changed situation has not changed much in terms of more attention to the small holder farmers although there seems to be a glimpse of hope.

Small holder farmers have had trouble in accessing funds for expansion of their produce. This has been because of the high interest rates in many financial institutions. With their efforts quite unfruitful to secure some credits, most of them have decided to practice subsistence farming and be contended with what they have. The lack funds for fertilizers, machinery among other technological advantages to advance what they already have.

A number of companies such as Fintechs and Numida are stepping up to offer help to the neglected small scale farmers. They understand what boost the country can have from the revenues generated by the small holders and the potential that can be harnessed when put into practice. At least the small holder farmers will have an access in loans or funds to enhance their lives and produce better in the future.

Some banks as well have shifted their attention to them, as they seem to lose hope with the corporate customers. Technology is making their work easier and effective to work collaboratively with the farmers in a mutual relationship. The introduction of digital data is another significant move to predict the risks that could be involved in the business and solutions on how to curb them among other challenges that may sprung up.

With the access of financial resources, undoubtedly will the farming process grow and expand into the desired pedigree to be competitive and marketable. Machinery will be at the disposal of the farmers for better cultivating measures and ensure that their produce are up to the standard so that they too can make a successful living.

Click to comment

Leave a Reply

Your email address will not be published.

Most Popular

To Top