Nigeria’s
farmers bank

Farmers.ng is a full-stack challenger bank offering digital and offline financial, insurance, extension, and storage services to smallholder farmers while facilitating access to farm inputs and markets for their produce.

Africa’s dire agricultural sector is in urgent need of structured value chain finance.

At the cusp of a global food crisis, heightened by the covid-19 pandemic and further exacerbated by the Russia-Ukraine conflict, heatwaves and droughts, countries are restricting food exports causing inflationary and supply pressures, even as population growth outpaces local food production.

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The largest market in Africa with a population of 220 million people

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Food items account for 57 percent of total household expenditure

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Food imports consume USD 5 billion of valuable foreign exchange

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USD 140 million is spent daily on food consumption

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The sector contributes about 23 percent to overall GDP in real terms and employs 48 percent of the labour force

Ample arable land and water resources

In Nigeria, agricultural lending pales in comparison to other sectors

5%

Agriculture

37%

Oil and Gas

14%

Education

22%

Communications

22%

Trade

In Nigeria, Agricultural lending pales in comparison to other sectors

5%

Agriculture

37%

Oil and Gas

14%

Education

22%

Communications

22%

Trade

Problems

Low penetration of financial services especially in rural farming communities 


Low yields, mechanization and subsistence scale


Constraints in accessing quality inputs


Fragmented agri-food value chains


Ancient food production systems


Traceability challenges


Post-harvest losses

Solutions

Linking, coordinating and financing producers, processors, traders, distributors and markets


Structuring efficient and scalable production, processing and storage infrastructure


Utilizing idle manufacturing, agribusiness and agro-processing capacity


Adopting precision, data and advisory driven farming systems


Ecosystem and value chain approach


Technical support

Social Impact

Farmers makeup 80 percent of the world’s poor, live in remote areas, and lack access to basic agricultural inputs and know how. Our initiative seeks to the global goals of eradicating rural poverty and achieving food security and sustainable growth by enhancing farmer productivity and income levels through sustainable intensification of production, better organization, adequate support services, access to credit and integration into agri-food value chains.

Environment

Carbon capture through agroforestry programmes


Nutrient recycling from organic waste


Smart land and water management


Paperless and green banking


Social

Creating real sector jobs


Improved farmer livelihood and soil productivity


Dissemination of genetically improved seedlings


Out-grower programmes with smallholder farmers


Agricultural training for unemployed youth and women


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