Farmcrowdy, a technology-driven agriculture platform in Nigeria has definitely been making steady progress since its launch in 2016 with its ever increasing steady customer base spanning both Nigeria and other part of the world.
With its online platform, Farmcrowdy gives lovers of agriculture massive opportunities to invest in agriculture with good returns on their money from the comfort of their homes.
— BusinessDay Media (@BusinessDayNg) April 26, 2018
With over 10,000 acres of ready farmland and 7,000 signed up farmers across 9 states in Nigeria, the online platform has received over 1,000 sponsors since it was launched in 2016 and total investments in excess of 8.4 million.
The startup seeks to empower farmers in Nigeria and also alleviate poverty in the country. When people invest in a farm, after harvest, they will receive returns on their investment. But beyond this, they will also be involved in empowering rural farmers with the adequate input, support and education they need to cultivate more crops, make more money to feed their families. And more importantly, investors will be contributing to growing the agricultural landscape in Nigeria.
I appreciate the multimedia component with .@farmcrowdy which allows you to see videos and pictures of updates to the farm for reassurance.
I feel this model could be used for real estate development for the diaspora as well. Building your house in the village. 🤔🤔🤔#M360WA
— Amma Aboagye (@a_aboagye) April 12, 2018
Currently, the platform has garnered an active sponsor base totalling more than 1,000 sponsors, and total investments in excess of £1,620,000 with a growing number of sponsors located in the UK. This is largely due o the Diaspora’s strong connections to Nigeria.
As a matter of fact, Britain is the 4th largest source of remittance in the world with Nigeria receiving approximately £4 billion in remittances annually.
According to Farmcrowdy’s CEO and Co-founder, Onyeka Akumah:
With the current climate of economic uncertainty surrounding the UK with the likes of Brexit for example, we feel it is important that options and alternative means of investment are made available. The UK is home to over 1 million Nigerians, and with a multi-million pound remittance market, Nigerians living in the Diaspora have the option to not only send money home to their families for their upkeep, but also build their personal investment portfolios through investing in one of the country’s largest sectors.
Farmcrowdy operates on a split system for investors principal plus 40 percent for investors, 40 percent for farmers, and 20 percent for Farmcrowdy. For example, if an investor sponsored a Rice farm for 6 months at N400,000 and at harvest the produce sold for N540,000, the sponsor would regain their investment (N400,000) plus 40 percent of profits, the farmer (40 percent), and Farmcrowdy (20 percent).
@farmcrowdy a digital Agric tech platform, over one year has worked with 1000+ individuals to sponsor over 3000+ farmers across 8 states, to increase food production and security in Africa. You can take advantage of this opportunity to invest in Nigerian Agriculture. #checkitout pic.twitter.com/eLh62Y343z
— CoachRNC MBPS (@CoachRNC) April 25, 2018
And according to Tope Omotolani, Farmcrowdy’s VP Operations and Co-Founder:
Nigerians in the Diaspora have strong ties to relatives back home, and have the desire to influence economic and social change; they also understand the sheer scale of Nigeria’s agricultural sector. Through Farmcrowdy, we want to facilitate narratives that focus on the ability to effect this change, as well as generate revenues both for our farmers, as well as our sponsors. Farmcrowdy is a platform through which engaging and collaborating with Nigerians in the UK, we can collectively help build and contribute to the Nigerian agricultural sector and boost national food security.
Farmcrowdy has successfully applied technology to better the agricultural sector in the country and is gaining recognition from the country and in the Diaspora.
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