Mastercard launch mobile marketplace for African farmers
Banking solutions are helping individuals and businesses move their money and get connected in ways that were never possible before. Now, Mastercard has this week launched a digital platform that will look to help African farmers in how they buy, sell and receive payments for their agricultural goods.
The global financial and card firm have launched 2KUZE, which is ‘a digital platform that connects smallholder farmers, agents, buyers and banks in East Africa’. The financial platform will bring the benefits and security of mobile commerce to farmers and crop workers across Kenya, Uganda and Tanzania.
The Mastercard Lab for Financial Inclusion developed the platform in the Kenyan capital of Nairobi. This centre was set up in 2015 ‘to develop practical and cost-effective financial tools that expand access and help build stable futures for more than 100 million people globally.’
The lab is able to work with East African entrepreneurs, governments and other stakeholders to develop platforms like 2KUZE and other products because of a grant from the Bill & Melinda Gates Foundation.
A press release from Mastercard stated: ‘In the initial pilot, 2KUZE is being launched in partnership with Cafédirect Producers Foundation, a non-profit organization working with 300,000 smallholder farmers globally. Currently, 2,000 small-scale farmers in Nandi Hills, Kenya are using the solution to sell their produce and working with farmer-friendly agents to ensure they reach the right buyers for the best price.’
Daniel Menehin, division president for Sub-Saharan Africa, and head of financial inclusion for International Markets at Mastercard, said: “Eighty percent of farmers in Africa are classified as smallholder farmers having less than 1-2 acres of farming land, making it extremely difficult to drive growth and prosperity within this community.
“We believe that by using mobile, a technology that is so ubiquitous among farmers in Africa, we can improve financial access, bring in operational efficiency and facilitate faster payments. The collaboration between the Lab team and farmers in the market helped to deliver a solution that can be implemented and make an impact without any major changes to the day-to-day.”
2KUZE is trying to make transactions simpler, safer and more streamlined for every stakeholder in the agriculture supply chain across the region.
Dominion holds Mastercard in its Global Trends Managed Fund.
If you would you like to receive the Newsfeeds daily, please click here to sign up now!Help us make this Newsfeed better by rating this article. 1 star = Poor and 5 stars = Excellent
- Click here to print this story: Print
The views expressed in this article are those of the author at the date of publication and not necessarily those of Dominion Fund Management Limited. The content of this article is not intended as investment advice and will not be updated after publication. Images, video, quotations from literature and any such material which may be subject to copyright is reproduced in whole or in part in this article on the basis of Fair use as applied to news reporting and journalistic comment on events.