Over 100,000 smallholder farmers received personalised financial services from a smart funding initiative of Social Lender, a fintech company, and OCP Africa, a fertilizer company.
More than 60 per cent of smallholder farmers in Nigeria do not have Bank Verification Number (BVN) and are currently unbanked or under-banked. The absence of BVN is one of many indicators of financial exclusion. This has led to widening economic exclusion and poverty among farmers and others.
To alleviate this problem, Social Lender has collaborated with OCP Africa to bring financial services to many Nigerians. The Country Manager, OCP Africa Fertilizers Nigeria, Caleb Usoh, said that the aim of the partnership “is to ensure financial inclusion of a larger percentage of smallholder farmers in the country through BVN registrations and financial literacy training.”
According to him, the collaborative effort would alleviate the suffering of the people and help them to improve their lives. He added that the collaboration with Social Lender would help to prepare the farmers to gain access to competitive financial services provided by top institutions in Nigeria and beyond while improving their livelihood.
Read the full article on The Guardian