Mastercard and Ecobank Group have launched a new innovative solution, Mastercard Farm Pass to help provide smallholder farmers digital access to financial services.
In an official statement made available to Govima, Mastercard and Ecobank Group through this partnership will provide 33 Sub-saharan farmers the opportunities to sell their farm produce at a fair price in an easy and safer way.
While reacting on the partnership, Chief Executive Officer, Ecobank Group, Ade Ayeyemi said “Our partnership with Mastercard has come at the right time to accelerate smallholder farmers’ access to urgently needed financial services, which are vital to realising Africa’s full agricultural potential.
“It will also help deliver value across the farming and agricultural value chain to make farming in Africa more profitable, competitive, and resilient, thus contributing to the economic growth of the continent.”
Adeyemi added that through empowerment, African countries can power its economies and support economic growth that is truly inclusive. This will in turn stimulate agricultural growth, increase competitiveness, and improve food security in Africa.
“Through close collaborations with important partners like Ecobank, we can create even more impact, putting the digital economy to work for everyone, everywhere,” said Vice Chairman and President, Strategic Growth at Mastercard, Michael Froman.
Froman said the collaboration with Ecobank Group aligns well with the objectives of the African Development Banks’ (AfDB) recently approved Africa Emergency Food Production Facility (AEFPF), which is to support countries to boost production and productivity on the continent for key staples.
“Farm Pass brings together various agri-sector stakeholders from the supply and demand sides, in one agricultural marketplace, amplifying the collective positive impact on farming communities,” he submitted.
According to a report by McKinsey and Company, “More than 60 per cent of the population of Sub-Saharan Africa are smallholder farmers, with the agricultural sector contributing an estimated 23 per cent of the continent’s Gross Domestic Product (GDP).
Yet only three per cent of the sector receives banking credit, limiting the farmers’ capacity to grow their business or mitigate poor harvest losses.
