This issue of ICT Update looks at emerging innovations in mobile finance and outlines how they are revolutionising the agricultural value chain in ACP countries. These innvoations are creating alternative ways of making payments to farmers, giving them greater access to a range of financial services and reducing or eliminating supply chain credit risk.
SmartMoney has grown from a small intervention targeting market inefficiencies between rural farmers and agriculture organisations to a community-wide rural payment and savings solution.
A mobile platform called MoBiashara aims to reduce supply chain credit risk and compute an alternative credit scoring that promotes access to finance.
The Financial Identity Risk Management solution will provide consumer protection while enabling lenders to offer credit that can improve a borrower’s life and life chances.
The social penetration of ICT tools and the key role youth are playing in the development of ICTs for agriculture are creating important opportunities in the sector.