In countries like Kenya and Zambia, rural smallholder farmers are using digital technologies to access the finance they need to improve their farms and businesses.
Farmers who typically farm fewer than 5 acres of land, roughly the size of five football fields play a critical role in feeding the world’s growing population that is set to hit 9 billion people by 2050. But with a USD 200B gap in smallholder financing, many cannot access the financing they need to invest in things like seeds, fertilizers and irrigation technologies to increase production and improve their livelihoods.
Across the world, innovative fintechs (companies using technology to enable financial services like virtual currency and mobile banking) are making it easier for farmers to access finance. Take East Africa, for instance, where fintechs are booming. If scaled, these companies could play an important role in empowering smallholders to improve their livelihoods while delivering a food secure future.