Visa has announced a strategic partnership with ThriveAgric to support their expansion into Kenya, aimed at transforming the payments landscape for smallholder farmers. ThriveAgric, the global winner of Visa’s 2022 Everywhere Initiative, will establish local hubs in five counties: Busia, Homabay, Migori, Nandi, and Narok, with initial centers in Homabay and Busia. These hubs will serve as learning centers and distribution points for farm inputs, benefiting up to 10,000 farmers.
“Smallholder farmers are essential to the Kenyan economy, and this partnership will enable us to build a strong network to directly benefit them. We are excited to partner with ThriveAgric, a startup that has demonstrated significant value through our Visa Everywhere Initiative,” said Eva Ngigi-Sarwari, Country Manager for Kenya at Visa.
The local hubs will allow agents to aggregate produce during harvest and facilitate payments based on market quality specifications, enhancing efficiency in agricultural transactions.
In Kenya, agriculture remains a cornerstone of the economy, contributing about 21.3% of the nominal GDP and employing over 40% of the population. However, accessing finance is a significant challenge, with high interest rates hindering farmers’ ability to invest in inputs and labor.
ThriveAgric’s partnership with Visa includes financial literacy training and access to financial services, such as bank accounts and Visa cards, to enhance financial inclusion for farmers.
“Through empowering over 800,000 smallholder farmers and more than 5,000 young people with technology and financial inclusion, ThriveAgric has transformed the agricultural landscape across Africa,” said Ayo Arikawe, Co-founder of ThriveAgric.
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