There is an ever increasing need to invest in agriculture due to a drastic rise in global population and changing dietary preferences of the growing middle class in emerging markets towards higher value agricultural products. In addition, climate risks increase the need for investments to make agriculture more resilient to such risks. On the other side, the growth and deepening of agriculture finance markets is constrained by a variety of factors which include:. The development and commercialization of agriculture requires financial services that can support: larger agriculture investments and agriculture-related infrastructure that require long-term funding given that currently transportation and logistics costs are too high, especially for landlocked countries , a greater inclusion of youth and women in the sector, and advancements in technology both in terms of mechanizing the agricultural processes and leveraging mobile phones and electronic payment platforms to enhance access and reduce transaction costs. An important challenge is to address systemic risks through insurance and other risk management mechanisms and lower operating costs in dealing with smallholder farmers.
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There is no gain saying the fact that agricultural development necessary for the overall economic development of any country. Be it a developed or developing country, no nation can obtain economic development with neglect of her agricultural sector. It should be realized that an agricultural sector is of utmost importance and performs a number of roles in the economic development of a country. Among the roles performed by agriculture in the economic development process of a nation includes the following:. In view of the important roles or agriculture to the economic development of a nation, the developing countries should watch the danger of relying on mineral resources , which are wasting assets in pursuing industrialization goal or the neglect of their agricultural sector development.
As with many of the 78 million smallholder farmers in sub-Saharan Africa, irregular cash flows meant that Susan, now an Agri-wallet customer, was often unable to access the seeds, fertilizer and agro-chemicals she needed to optimize the productivity of her farm and generate the income to provide for her family. Agri-wallet, an innovative agriculture fintech operating in Kenya, is committed to changing this. And it aims to solve this challenge in a way that is affordable for its customers and profitable for its investors — an often difficult balance to strike when it comes to smallholder and agricultural finance. Buyers are able to access working capital overdrafts earmarked for paying farmers for their produce on time. At the time of sale, buyers use their Agri-wallet overdraft to pay the farmer directly, repaying the value of the produce they have purchased plus interest to Agri-wallet at a later date.
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