Hadiza in Kaduna state, a city placed in a Northern part of Nigeria, is a little holder rice former who like several of other; develop foods for herself and her local society in Jere. HADIZA has been getting her payments in physical cash for a lot of years and while she knows it's a safe choice, she has been growingly searching for a little better choice to manage her finance and enhance her exposure to domestic threats. Luckily Hadiza is one the eighty farmers who'll advantage from the primary wave of KNT's pilot which has been deployed after few days.
In homework for the pilot, KNT's primarily step was to understand the cycles of the cash flow of the farmers to connect them properly with a local agent network. Their finding discovered that farmers in Jere society received at least N-200,000 in payments in each day (more than $500 USD). Leveraging this info, they were able to design efficiently liquidity management ecosystem also partnered with a local agent network to dependably cater to this requirement.
The local agent network is within ten minutes of walk able space from the farms, compared to the nearby microfinance bank values at least N-400 ($1.2 USD) to reach via an OKADA (a Bike) or other sorts of public convey in thirty minutes.
Hadiza and her co formers in the state are the single ones who'll advantage from this pilot; this is only the primary phase. A lot of following phases will be conducted with some other farming communities in OGUN, LAGOS, and GOMBE. While KNT has a conservative target of over 300 farmers, platform intent to reach several more farmers with the service! Presently, modalities are being placed input to set-up local agents in these farming communities with local agent training to start in next few weeks.
KORA NETWORK understands that it's farmers like Hadiza who can play a vital role in connecting the food gap in a widely populated nation like Nigeria. This also describes why they're keen to work with the farmers. For this Nigerian pilot, Kora Network will deploy cash out cash in, funds transfer and airtime services. For banking infrastructure and local agent networks, KNT is joining with VTN. For the farmer aggregation, KNT is joining with GRICD, a complete scale agro production firm with a worldwide outlook on processing, education and crop production in the place of affordable foods storage ways.
This collaboration will enable KORA NETWORK to solve 3 biggest challenges experienced by the farmers:
• Payments from buyers and customers
• Monet transfer among parties and family/friends
• The risk of robbery
Through this system, farmers will raise their revenue, deal with household stock, protect against risks and spend in their businesses. The opportunity to arrange this service to the millions of unbanked community across the globe, to add them in an economical system that'll see then build economical assets and revenue more from the value they make.
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