In our mission to be the world's leading provider of agricultural solutions, we launched a digital financial service - CashCard - that enables smallholder farmers in rural Nigeria receive digital payments and build their financial identity.
On the 26th of June, we launched CashCard - the farmer’s bank - in Offa to provide cashless transactions to farmers in rural areas. Offa village is the commercial center of other agrarian communities (over 130) under Lagelu LGA of Oyo state.
Suggested read: Introducing CashCard
The farmers and the people of Offa Village were hospitable and delighted. Their joy was captured with beaming smiles as they gathered around to learn about our product. After briefing them about our product in their local dialects, we received questions and gave them clarity about our product.
To use CashCard, you need to get registered by an agent closest to you. You will be required to provide your name, date of birth, crop type and most importantly your phone number - as this will serve as your account number for subsequent transactions. After registration, farmers will immediately receive a text message and a secret pin.
CashCard registration is easy and stress-free, farmers are not required to provide home electricity statement or other complicated identification to register on the platform. With CashCard the farmer can send and receive money from any Nigerian bank.
Regarding concerns about the savings process and access to loans, one of the farmers asked, "how much do I need to save before I have access to loans?”
“To get access to loans, you need to build your creditworthiness by keeping your account busy over time and your ability to save in your account for about 3/2 month,” our CEO and co-founder explained.
There were questions on if CashCard is like usual cooperative they know - where farmers save money with agents and withdraw their money when they need it.
“No! Cashcard keeps your savings in your personal account (like a bank account). You can withdraw anytime with your phone number and also deposit anytime with the agent closest to you in which you get notified of your deposit and balance instantly,” Emem (co-founder) explained.
Over 38 million smallholder farmers in Nigeria lack access to finance to increase their agricultural production. With CashCard, farmers get access to basic financial services without going to a bank.