News

EFInA Awards Technical Assistance Grant to Cellulant Nigeria Limited to Expand Mobile Wallet for Farmers
16 February 2015

In April 2014, EFInA awarded a Technical Assistance Grant of $250,000 to Cellulant Nigeria Limited to enhance the capabilities of the mobile wallet currently utilised by farmers in Nigeria. The mobile wallet enables farmers to receive agricultural inputs like seeds and fertilizers and provides a robust mobile payment ecosystem for agriculture. In addition to receiving agricultural inputs, farmers will also be able to transfer money, pay bills, purchase airtime, save money and purchase agricultural insurance either through their mobile phones or by visiting a mobile money agent.

This project which is being piloted in Kano and Zamfara States will increase the adoption of mobile money amongst farmers by providing a ‘basket of financial services’ that is convenient for farmers to access via their mobile phones or through mobile money agents. Speaking about the project, Mr. Goke Akinboro, MD/CEO of Cellulant said, “This Grant has allowed Cellulant to prove that this business model will enhance financial inclusion for farmers and lift them out of poverty.”

In awarding the Grant, the Chief Executive Officer of EFInA, Ms. Modupe Ladipo stated that, “According to the EFInA Access to Financial Services in Nigeria 2014 survey, 20.0 million adults (21.3% of the total adult population) get their main source of income from subsistence/commercial farming. Of which only 3.4 million (17.0% of farmers) have an account with a deposit money bank, whilst 9.8 million (49.3% of farmers) are financially excluded. Therefore, finding innovative financial products, services and channels is essential to incorporating this customer segment into the formal financial sector.”

Through this project, EFInA seeks to deepen financial inclusion by increasing the uptake and usage of mobile money as well as improving access to formal financial services for excluded smallholder farmers in Northern Nigeria.