Global payment platform, Visa, will throw its weight behind Nigerian startup ‘ThriveAgric’ as it reveals plans to set up farmer-support hubs in five counties across Kenya.
These counties include Busia, Homabay, Narok, Migori, and Nandi – with Homabay and Busia serving as ThriveAgric learning hubs where farmers can be trained and provided with inputs necessary for the program. ThriveAgric will impart the farmers with knowledge on financial diligence, as it prepares them to open bank accounts and receive Visa cards that will broaden their attainment of operational capital. The program in Kenya will target 10,000 farmers after it is rolled out, and will go a long way in maximizing farmers’ incomes and agricultural yields.“Smallholder farmers are essential to the Kenyan economy and to our vision of expanding the digital payments ecosystem. This partnership with ThriveAgric will enable us build a strong network to directly benefit farmers. We are also excited to partner with a startup that has emerged from our Visa Everywhere Initiative contest, demonstrating the value it offers for startups that participate,” said Eva Ngigi-Sarwari, Country Manager for Kenya at Visa.
Agriculture now represents 21% of the Kenyan GDP, a significant decline from 40% in the erstwhile years. This has largely been a consequence of poor investment strategies, the rising costs of inputs, and the diminishing market for produce.
ThriveAgric intends to turn the tide by enabling access to capital and guiding smallholder farmers to premium markets that will guarantee swift and attractive returns. The startup has done this for more than 800,000 farmers in its key market Nigeria since its establishment in 2016.
“Our partnership with Visa marks an exciting new chapter in our journey as we double down on our Kenyan expansion, which started last year, and establish local hubs in Busia and Homabay counties,” said the co-founder of ThriveAgric, Ayo Arikawe.
ThriveAgric was the global winner for the 2022 Visa Everywhere Initiative. In 2022, the startup raised US$ 56.4 million in debt funding from banks to enter three African markets: Kenya, Ghana, and Zambia.
See Also:
Nigeria’s ThriveAgric Raises $56.4 Million in Debt Funding
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