ThriveAgric, a Nigerian agritech startup, has partnered with Visa to expand its operations into Kenya, aiming to support up to 10,000 farmers. This collaboration will see the establishment of local hubs across five counties: Busia, Homabay, Migori, Nandi, and Narok. Notably, the Homabay and Busia hubs will serve as learning centers where farmers can attend training sessions and receive input distribution.
Agriculture is a cornerstone of Kenya’s economy, employing over 40% of the population and contributing 65% of export revenue. The emergence of agritech has positively impacted the sector, with companies like ThriveAgric playing a crucial role in driving innovation and growth.
Key Features of the Partnership
- Local Hubs and Learning Centers: These hubs will assist farmers by consolidating produce during harvest and ensuring they receive payments based on market quality standards.
- Financial Services: Farmers will have access to financial services, including bank account openings and Visa card issuance, promoting financial inclusion in rural areas.
Ayo Arikawe, co-founder of ThriveAgric, mentioned that this development marks a significant phase in the company’s expansion efforts in Kenya, which began last year with the establishment of hubs in Busia and Homabay counties. According to the company, their initiatives have significantly improved farmers’ yields and income, enhancing livelihoods and promoting food security.
Impact on Agricultural Productivity and Economic Growth
ThriveAgric’s approach has increased agricultural productivity and economic growth in rural communities while promoting climate mitigation and adaptation. The agritech company secured $56.4 million in debt funding from local commercial banks and institutional investors in 2022 to grow its farmer base and expand into new African markets, including Ghana, Zambia, and Kenya.
This partnership between ThriveAgric and Visa represents a significant step towards enhancing agricultural productivity, financial inclusion, and economic growth in Kenya, ultimately benefiting thousands of farmers and contributing to the country’s development.
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