ThriveAgric, a Nigerian agritech startup, has announced a partnership with Visa to expand its operations into Kenya, aiming to support up to 10,000 farmers. This collaboration marks a significant step in ThriveAgric’s efforts to bolster agricultural productivity and financial inclusion in the region.
ThriveAgric plans to establish local hubs in five Kenyan counties: Busia, Homabay, Migori, Nandi, and Narok. The hubs in Homabay and Busia will serve as learning centers where farmers can participate in training sessions and receive agricultural inputs. These centers will also act as consolidation points during harvest, enabling farmers to deliver their crops and receive payments based on market quality standards.
In addition to facilitating crop consolidation, the hubs will provide farmers with access to financial services, including bank account openings and Visa card issuance. This initiative aims to enhance financial inclusion among farmers, allowing them to integrate more effectively into the digital economy.
Visa’s Country Manager for Kenya, Eva Ngigi-Sarwari, emphasized the benefits of the partnership, stating that it will help establish a robust network to directly benefit farmers. She highlighted the crucial role of smallholder farmers in Kenya’s economy and Visa’s vision of expanding the digital payments ecosystem to support these farmers.
Ayo Arikawe, co-founder of ThriveAgric, noted that this partnership marks a new phase in the company’s expansion efforts in Kenya, which began last year with the establishment of local hubs in Busia and Homabay counties. He emphasized that ThriveAgric’s initiatives have significantly improved farmers’ yields and incomes, thereby enhancing their livelihoods and promoting food security.
The agritech startup has been instrumental in increasing agricultural productivity and economic growth in rural communities while also promoting climate mitigation and adaptation. In 2022, ThriveAgric secured $56.4 million in debt funding from local commercial banks and institutional investors to expand its farmer base and enter new African markets, including Ghana, Zambia, and Kenya.
In April 2024, ThriveAgric announced a partnership with Acorn Rabobank to provide carbon credits to over 30,000 smallholder farmers across nine Nigerian states: Kaduna, Gombe, Adamawa, Taraba, Bauchi, Jigawa, Niger, Nassarawa, and Kano. This initiative further underscores the company’s commitment to sustainable agricultural practices.
The emergence of agritech has positively impacted Kenya’s agricultural sector. Agriculture remains the backbone of the Kenyan economy, employing more than 40% of the population and contributing 65% of the country’s export revenue. ThriveAgric’s expansion into Kenya is expected to further drive agricultural innovation and economic development in the region.