In a bid to improve access to more products that will boost sector’s productivity, Nigeria’s commodities exchange player, AFEX, has emphasised the need for digital financial inclusion for African smallholder farmers.
At a side-event, hosted by AFEX and Smallholder and Agri-SME Finance and Investment Network (SAFIN), themed “Digital Financial Services for Agriculture”, AFEX’s Financial Market Vice President, Oluwafunto Olasemo explained the need to integrate more digital financial solutions for smallholder farmers.
“70percent of global food production comes from local farmers, and so, it is important to create digital financial services to ensure that smallholder farmers have a bountiful harvest and they live above their means,” Olasemo said.
She added, “Smallholder farmers are first customers. Everything a Digital Financial Service customer needs, it must be extended to them too.”
The financial market expert said the adaptation of these products would help boost the sector’s productivity.
Also, at a separate panel session focused on upgrading agricultural value chains for improved competitiveness and inclusivity, AFEX CEO Ayodeji Balogun said the financing gap for agri-SMEs is in the “missing middle”.
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