14.6 C
Kenya
Monday, August 19, 2019
  • NEWS

Safaricom’s Digifarm to outgrow M-Pesa in next five years

Must Read

Godrej Youth Empowerment Program Set to be unveiled in Kitui

With over 20,000 youth expected to be trained in hairdressing and beauty therapy under the Godrej Wezesha Youth program, the program...

USERNAME Investment Ltd. CEO Crowned The African Business Personality

Reuben Kimani CEO, Username Investment Ltd was crowned the 2019 African Business Personality Award at the Voice Achievers Award gala dinner recently held at...

Uhuru: Grade six pupils won’t sit exam to join lower secondary in Kenya

Lower secondary in Kenya: There will be no final exam for grade six pupils looking to join lower secondary....

Digifarm Kenya: Safaricom has today announced that mobile agriculture platform DigiFarm is projected to outgrow M-PESA in the next five years.

Launched in 2017 in partnership with iProcure, Arifu and Farmdrive, the platform aims to digitize the entire agriculture value chain, and has registered over 1 Million farmers.

“In line with our Purpose of Transforming lives, we have provided a mobile technology platform for the smallholding farmers to access a suite of information and financial services, including discounted products, customized information and tutorials on farming practices. The rate of growth has been phenomenal and we expect that DigiFarm will be bigger than M-PESA in the next three to five years,” said Sitoyo Lopokoiyit, Chief Financial Services Officer, Safaricom.

Digifarm Kenya

According to the 2019 Economic Survey, Agriculture remains the dominant sector in the economy, accounting for 34.2% percent of the total value. Currently, Safaricom is exploring an end to end buyer –led model that will guarantee farmers access to ready markets for their produce, at a fair price.

In addition, the farmers get access to credit and other financial facilities. They are also enabled to share information, such as expected yields with processors, with all the financial transactions taking place within the M-PESA ecosystem.

As of last year, over 200,000 farmers were using the service daily and 7,000 successfully taking out loans to assist with purchasing high-quality seeds, fertilizers and pesticides.

In March, Makueni County entered into a partnership with DigiFarm and Bidco Africa to provide a ready market for 640 farmers who are the first beneficiaries of an end to end buyer driven model.

In this arrangement, Bidco Africa provides a ready market for their produce which is used as raw materials in the processing of edible oils.

More growth is expected on this platform as the Fintech Industry in Kenya has been attracting huge investments over the last few years and is estimated to be worth around USD 1 Billion by 2020.

Safaricom will continue using technology to create sustainable ways of doing things by focusing on innovation verticals of agriculture, healthcare, education and economic empowerment.

Mr. Lopokoiyit was speaking at the Afro-Asian Fintech Festival at the Kenya School of Monetary Studies.

- Advertisement -

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Godrej Youth Empowerment Program Set to be unveiled in Kitui

With over 20,000 youth expected to be trained in hairdressing and beauty therapy under the Godrej Wezesha Youth program, the program...

USERNAME Investment Ltd. CEO Crowned The African Business Personality

Reuben Kimani CEO, Username Investment Ltd was crowned the 2019 African Business Personality Award at the Voice Achievers Award gala dinner recently held at Louis Leakey Memorial Hall in...

Uhuru: Grade six pupils won’t sit exam to join lower secondary in Kenya

Lower secondary in Kenya: There will be no final exam for grade six pupils looking to join lower secondary. This has been announced by...

Shock as Sossion, KNUT officials kicked out of education conference

KNUT officials: The bad blood between education officials in Kenya and the Kenya National Union of Teachers (Knut) is far from over. On Friday,...

Kenya to start taxing YouTube, Netflix

Netflix in Kenya: Kenya is set to start taxing online streaming media services including YouTube and Netflix. This has been revealed by the Communications...

More Articles Like This

- Advertisement -
%d bloggers like this: