23 C
Kenya
Thursday, October 1, 2020

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

Must Read

Number of businesses on Lipa na M-Pesa cross 200,000

Number of businesses on Lipa na MPesa: Safaricom (NSE: SCOM) has today announced a Lipa Na M-PESA milestone with...

M-pesa To Empower Customers To Send Money to The Right Number, Hakikisha

Safaricom (NSE: SCOM) has today rolled out all its M-PESA services on the *334# menu. M-PESA on *334# targets non-smartphone...

KRA unable to trace Sh. 896 billion secretly wired from offshore banks

Cash Hidden Abroad: The Kenya Revenue Authority has lost track of nearly Sh. 1 billion that was wired into...

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.

Leave a Reply

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

189,497FansLike
11,005FollowersFollow
201FollowersFollow
294SubscribersSubscribe
WhatsApp
Telegram

Latest News

Lang’ata Hospital Hosts Free Breast Cancer & Wellness Clinic In October

In these pandemic times, one can easily forget that traditionally, October is marked for Breast Cancer Awareness, the disease...

MP Waluke out on Sh. 10 million bail, Grace Wakhungu Sh. 20 million

John Waluke Appeal Case: Sirisia Member of Parliament John Waluke and his business partner Grace Wakhungu have been released on bail. Waluke has been...

Lang’ata Hospital Hosts Free Breast Cancer & Wellness Clinic In October

In these pandemic times, one can easily forget that traditionally, October is marked for Breast Cancer Awareness, the disease that most commonly affects women...

More Articles Like This