Agropartnership is a digital platform that helps people to engage in agribusiness by funding farms and trading in agricultural commodities. It is a subsidiary of Farmforte, an agriculture value chain development company that processes raw materials and makes them ready for the market.
How it Works
I installed the app from the Playstore and set up my account. From the home page, I could access my dashboard and investment options.
From the dashboard, one could check their portfolio of investments, fund wallets or keep track of the funds. One could also check the availability of a unique referral code.
The wallet can be funded through a bank or online transfer to a unique account number provided to each user. The app also tells you which investments are sold out, which ones are available, and which ones are coming soon.
The number of available investment opportunities on the app was very small at the time of the review. It had one poultry venture listed as coming soon while 10 other agricultural ventures were listed as sold out.
While this is a good thing because it depicts that people believe in and promptly takes up investment ventures as they come, it also does not present enough investment opportunities for people at all times.
The maturity for most of the investments ranges from as little as 3 weeks to 9 months, depending on the nature of the produce being invested in. The ventures listed as ‘sold out’ were either for a period of 7 months or 9 months.
The cost of a unit of each venture ranges from N90,000 upwards. From the list, the minimum RoI promised to investors is 28% after a period of 7 months.
A snapshot of users’ review…
One of the complaints made by users is that calculations of the RoI was not consistent across Farmforte’s web and mobile app platform. Another group of negative remarks about the app is that the dashboard does not load properly, and therefore makes it hard for an investor to track his investments.
Technext reached out to the Farmforte team, and ascertained that both of these crucial glitches have been fixed with the recent updates made to the application.
Farmforte has not raised any known funding so far in the country, and has scaled its operations to include agropartnerships since it launched in Nigeria in 2014.
There are other options
It is not the only digital investment initiative for agribusiness in Nigeria. ThriveAgric, and Farmcrowdy are initiatives that provide people with a means of funding agricultural ventures. Both equally allow people to fund farmers and make profits from the venture.
Farmcrowdy allow people to be part of farming ventures ranging from poultry to ginger, tomatoes and other farming ventures. Based on what the agribusiness is, its ROI can range from 11% to more or less, and the investment period can extend to 6 months or more.
Thrive Agric’s investments, on the other hand, mature between 3 to 9 months and its ROI ranges from 6% to 25%. Other competitors are EZ Farming and FarmKart.
For people who want investment opportunities in the agricultural sector with low risk and little involvement, Farmforte’s agripartnerships provides an easy way with a competitive ROI scheme and investment timeline.
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