NAIROBI, Kenya- Visa has unveiled a strategic partnership with ThriveAgric, a pioneering agri-tech startup, to bolster its expansion into Kenya.
ThriveAgric, renowned for revolutionizing the payments landscape for smallholder farmers through technology, aims to enhance agricultural productivity and financial inclusion in Kenya.
Transforming Agriculture with Technology
ThriveAgric’s mission to innovate the agricultural sector has garnered global recognition, notably winning the 2022 Visa Everywhere Initiative.
This program encourages startups to explore new opportunities, and ThriveAgric’s success highlights the immense potential of their technology-driven solutions.
With Visa’s support, ThriveAgric will establish local hubs in five Kenyan counties; Busia, Homa Bay, Migori, Nandi, and Narok.
These hubs will serve as training centers and distribution points for farming inputs, targeting up to 10,000 farmers.
Eva Ngigi-Sarwari, Visa’s Country Manager for Kenya, the partnership will have a positive impact to the country’s economy.
“Smallholder farmers are essential to the Kenyan economy and to our vision of expanding the digital payments ecosystem. This partnership will enable us to build a strong network to directly benefit farmers,” she said.
Enhancing Financial Literacy and Inclusion
A core component of this initiative is to elevate financial literacy and inclusion among Kenyan farmers.
ThriveAgric will offer tailored financial training, facilitating the opening of bank accounts and issuance of Visa cards to farmers.
This effort aims to provide farmers with essential financial services, thereby enhancing their economic resilience and market access.
Ayo Arikawe, Co-founder of ThriveAgric, remarked on the significance of this venture: “The partnership marks an exciting new chapter in ThriveAgric’s journey as it doubles down on its Kenyan expansion which started last year.”
By leveraging technology and financial tools, ThriveAgric plans to empower farmers, streamline payment processes, and improve overall productivity.
Impact on Kenya’s Agricultural Sector
Agriculture remains a vital pillar of Kenya’s economy, contributing approximately 21.3 percent to the nominal GDP, as per the Central Bank of Kenya.
Despite its crucial role, the sector faces significant challenges, particularly in accessing finance.
High interest rates often hinder farmers from obtaining necessary funds for inputs and labor.
ThriveAgric’s innovative solutions aim to address these barriers, providing farmers with access to capital and premium global markets.
Since its inception in Nigeria, ThriveAgric has empowered over 800,000 smallholder farmers and 5,000 young people across Africa, including territories like Ghana.
