Reimagining agribusiness in Africa with VeryPay’s e-wallet companion solution

Local farmers plowing land near Volcanoes National Park, Rwanda

In Africa, a continent rich in agricultural potential, VeryPay is emerging as a key player in reshaping the agribusiness ecosystem. Integrating seamlessly with any e-wallet, VeryPay provides mobile money operators with a means to offer more than just payment services – it’s a gateway to financial access and inclusion.

Current challenges in Africa’s agribusiness ecosystem

According to the International Labor Organization (ILO), 52% of employed people in Sub-Saharan Africa are active in agriculture, and roughly 45% of the world’s area suitable for sustainable agriculture production expansion is located on this vast continent. However, their agribusiness landscape still faces significant hurdles today, particularly in the realms of credit access and direct market engagement.

Access to credit: a persistent barrier

Access to credit remains a critical challenge for African farmers. Traditional lenders are hesitant to provide loans without detailed information to assess creditworthiness. Unfortunately, farmer data is often only available through manual, time-consuming processes.

This results in a limited and inefficient borrowing landscape, where banks may need to visit communities multiple times, increasing the cost and time involved in loan processing. Furthermore, while Village Savings and Loan Associations (VSLAs) offer a solution, they are constrained by the limited pool of available funds collected from individual farmers.

The hurdle of direct market access

Another significant challenge is the lack of direct access to agricultural inputs like seeds, fertilisers, and machinery. Farmers often depend on intermediaries to procure these essentials, leading to increased costs, delays, and overall market inefficiency. 

VeryPay’s innovative approach

VeryPay CCO David Drever meets with a local coffee farmer and restaurant owner in Rwanda

VeryPay offers practical solutions to these longstanding issues, facilitating smoother financial transactions and opening new avenues for farmers to manage their finances effectively.

But, how does VeryPay compare to other payment solutions in the market? VeryPay is a transaction engine and payment token system that seamlessly integrates with any e-wallet. It allows mobile money operators to run their own contactless payment schemes without the complexity of issuers, acquirers, or payment service providers.

VeryPay also invests a lot of time on the ground with their teams in Africa to understand the cultural barriers to adoption. Ultimately, it’s all about educating citizens, educating partners within the value chains on the benefits of digitisation and working together so that they can make sure that their technology is actually well deployed.

Empowering farmers with efficient financial tools

With VeryPay, the financial journey for farmers is simplified. For farmers and agribusinesses, VeryPay is more than a payment system – it’s a lifeline. It breaks down barriers to financial services, enabling farmers to procure resources efficiently and manage their finances with ease.

The impact is tangible: better access to supplies, smoother management of funds, and a newfound sense of financial security.

VeryPay’s mission: empowering ecosystems beyond transactions

At its core, VeryPay is driven by a mission to digitise daily spend and foster financial inclusion. This mission transcends the technicalities of payment processing, tapping into the vital need for accessible financial services. It’s about giving people control over their finances in ways that were previously out of reach, especially in the agricultural sector.

Learn more about how VeryPay impacts Agribusiness in this short video:

Deep partnerships at the core

The success of VeryPay hinges on deep partnerships, particularly with mobile money operators who are the frontline warriors in this financial revolution. These partnerships are not mere business agreements; they are collaborations rooted in a shared vision of an inclusive financial ecosystem. Together, they are changing the narrative of financial accessibility in Africa.

VeryPay debut at MWC Kigali 2023

VeryPay’s David Drever gives presentation on MWC Vision and Strategy Stage alongside telco giants MTN and Airtel

The Mobile World Congress in Kigali wasn’t just a stage for VeryPay; it was a moment of pride. Here, VeryPay demonstrated how their e-wallet companion solution goes beyond transactions, by creating digital financial records and expanding access to loans so farmers can buy resources when they need them and pay their workers more efficiently.

At MWC this month, VeryPay chief commercial officer (CCO) David Drever explained just how versatile and valuable VeryPay can be for agribusiness.

Ultimately, it’s about adoption – VeryPay is committed to educating farmers as to why moving from cash to digital helps them create digital financial records, which in turn means they get access to loans, they can then buy more seed, fertiliser and pay their workers quickly and conveniently – and as a result, improve their livelihoods.

“Because we are a layer of technology and not a mobile wallet operator, we leverage deep partnerships and deliver the digital payment infrastructure to power the whole ecosystem,” Drever commented on the Vision and Strategy stage at MWC Kigali 2023.

This event underlined VeryPay’s commitment to making a real difference in the daily lives of millions.

The road ahead

Reflecting on its journey, marked by milestones like the MWC Kigali showcase, VeryPay emerges not just as a technology leader but as a harbinger of change in Africa. Its achievements speak of more than innovation; they echo a commitment to inclusivity and economic advancement. At the heart of VeryPay’s ethos lies the drive to forge impactful partnerships across various sectors, to educate and promote the benefits of mobile money and digital payments.

The journey for VeryPay is not just about facilitating transactions; it’s a profound movement towards reshaping and enriching lives. It’s a mission dedicated to empowering communities and nurturing ecosystems, working tirelessly to bring about a future where financial inclusion is not a privilege but a common standard for every African citizen. VeryPay is at the forefront of this bold, transformative journey, redefining the financial landscape of Africa, one transaction, one partnership, one community at a time.

Explore the potential of VeryPay in revolutionising various value chains across Africa such as agribusiness, retail, transportation, and education. And If you’re a mobile network operator in Africa, please don’t hesitate to reach out.

Visit VeryPay’s website to learn more.

Sponsored by VeryPay