Tech

eWallet system gets $47.5m boost to help 7m farmers

eWallet system gets $47.5m boost to help 7m farmers

A mobile blockchain-based platform known as Agricore which has served more than 7 million farmers across the continent, has received financial boost to better help farmers connect with the market and also help them sell their goods to a diverse range of buyers.

Reports say parent body Cellulant has raised the sum $47.5m from the Rise Fund, and it is optimistic that the investment will help scale its blockchain-based platform Agrikore.

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Also known as eWallet system, Agricore provides a comprehensive system consisting of the technology, business processes, and a systematic organization for players in Agriculture in Africa to help them de-risk and increase investor participation on a large scale.

According to the company, normally, a potential Agriculture financier is unable to incentivize production and processing and marketing but the platform enables them to provide the needed liquidity either as a loan or grant then give them access and ability to monitor, and ensure the application of the financial input.

“With Agrikore, the financier is insulated from the intricate system consisting of farmers, aggregators, off-takers, agro-dealers, insurers, and commodity buyers that create value in the form of produce from agricultural inputs because the technology provides the transparency, integrity & immutability that grows the confidence of remote actors in the system,” the firm announced.

 

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