Financial Technology Solution launched for Small-Holder Farmers

By Sabir Musa

Yumbe

Small-holder farmers in Northern Uganda are set to benefit from a digital financing system also known as Fintech solution designed by Ensibuuko to ease access for farmers to services. Codenamed AgriConnect, the online platform enables farmer groups to save money, apply for soft loan and market their products through the financing technology solution, now spear headed by Uganda Development Bank.

Ensibuuko Chief Executive Officer, Gerald Otim explains that, this is a solution for farmers’ digital services. “We are taking the steps towards allowing farmers to interact with digital solution not only to send money using mobile money or access internet but to actually access financial services” Gerald explains.
This was officially launched in Yumbe District where some Village Savings and Loan Associations are already benefiting. The District Chairperson, Asiku Abdumutalib encouraged large scale farming to enjoy benefit of such programs. He says, this is “for both consumption and commercial given the strategic location of the boarder both South Sudan and DR Congo”.

Uganda Development Bank Managing Director, Patricia Ojangole says, this innovation is a contribution to government’s effort in eradicating poverty. “This is a testament to support the government in reducing poverty by empowering activities in economic sector such as Agriculture” she says. Agriculture, as Uganda’s economic back born requires support from different stakeholders to achieve Sustainable Development Goal as explained by Dr. Antonio Querido, the Country Representative of Food And Agriculture Organization – FAO. “We strongly believe that if there is one sector in Uganda that can push a country to a Sustainable Development Goal, it is Agriculture. As you know, 25% of GDP comes from Agriculture 70% of Ugandans provide labor force for the sector” Antonia revealed. 

However, State Minister of Finance in charge of Investment and Privatization, Eveline Anite said, “digital economy contributes 70% of the economic growth of our GDP and this therefore, we have to embrace digitalization”. To use the program, an account is opened for a farmer group to access the services online. The AgriConnect at its pilot stage is targeting 1,000 small-holder farmers, and this will later be rolled to other regions of the country.

COVER PHOTO: Uganda Development Bank joined by minsters, development partners and leaader celebrate the official launch of Finance Technology Solution in Yumbe District By Sabir Musa