1000 farmers to receive digital financing training

The Country Technical Specialist, Digital Finance United Nations Capital Development Fund (UNCDF) Bram Peters speaking during the learning and engagement meeting

A total of 1000 farmers across the country are to be trained in agricultural digital financing by the end of 2018.

The move is aimed at increasing access to financial services for the poor so as to improve their lives.

Agricultural Digital financing is the transition from cash income to mobile payments.

Nathan Were of the Consultative Group to Assist the Poor (CGAP) said that since most rural farmers engage in smallholder agriculture, there is need to improve their lives by spurring innovations, advancing knowledge and solutions that promote responsible, sustainable, inclusive financial markets for them.

Were was speaking at a learning and engagement meeting at Design Hub in Kampala.

 The Country Technical Specialist, Digital Finance at the United Nations Capital Development Fund (UNCDF) Bram Peters (Left), the Innovations Specialist, Consultative Group to Assist the Poor (CGAP) Nathan Were (Center) and the Head of Consulting and Technology Laboremus Uganda Timothy Musoke (Right) share a light moment. PHOTO: Shamim Saad

"Digital interest in the country is very low among the farmers and what we have embedded in this program is an education initiative that we believe will help our farmers to understand the value chain of moving away from cash payments and navigate to the menus of their mobile phones when paid," he explained

Were, further said digital financing seeks to support the development of open payments platforms that enable a broad range of providers to offer new solutions.

The country technical specialist, Digital Finance at the United Nations Capital Development Fund (UNCDF), Bram Peters added that increasing access to agri-digital finance not only creates new market opportunities for business but also provides a vital service to smallholder farmers.

The 3-year project will be implemented in districts like Fort portal where tea is grown, the cattle corridor in Ssembabule, Mbale and Lira.

The Digital Finance in Agriculture Value chains project is being implemented in partnership with UNCDF, MM4P CGAP and Laboremus Uganda Limited.

It will cost $4.8million approximately 17 billion shillings for the year 2017.