Mobile payments: How digital finance is transforming agriculture

‘Together, the insights and recommendations presented in [this book] open up new conversations about the way digital technologies and innovations can create new business strategies that can meaningfully improve the livelihoods of rural smallholder farmers and their families.’
Ted London, Senior Research Fellow, University of Michigan
Digital finance can play a vital role in providing a more cost-effective and secure method for financial transactions in agriculture, particularly for small rural farmers.
Leading up to the 2014 Fin4Ag conference, CTA commissioned a study to explore the state of digital/mobile payments in the farming sector. Focusing on three compelling cases of how different organisations – SmartMoney from Uganda, NWK Agri-Services from Zambia and Rice Mobile Finance (RiMFin) from Ghana – have approached the agri-digital finance opportunity, this report presents the recommendations and results of that study. The key message is that laying down the necessary structures for digital payments in agriculture is fundamental to revolutionising the sector. Once this is achieved, subsequent growth in savings, credit and insurance will follow.
Attractively laid out, with examples taken throughout from the three profile organisations, the research offers a three-step approach to replacing cash payments with mobile payments. The steps involve emphasising deep engagement with smallholder farmers, innovative partnership strategies and finally a focus on mutual value creation.

Mobile payments: How digital finance is transforming agriculture