Agriculture is a mega business which is capital intensive and highly lucrative in a developing country such as Nigeria where individuals tend to entrust their earnings in yieldable ventures as means of making living comfortable. As a way of facilitating financial inclusion and security as well as wider national economic opportunities for individuals who are willing to be a part of modern day Agriculture and also benefit from its dividend, FarmKonnect Nigeria PLC — a leading Agribusiness Company in Nigeria, the first Agricultural Real Estate and the first of its kind to establish an Agricultural Electronic Extension Service Center as well as founded an institute for Data and Agribusiness studies has established a project named AFIDE which means Agricultural and Financial Inclusion of Daily Earners — an enabling avenue that allows small and medium entrepreneurs benefits maximally from modern day agriculture through their daily contributions for a stipulated period of time while they enjoy privileges such as term insurance, which also covers for medical treatment, and the ability to secure a profitable loan.
This initiate gives an earning ability to business entrepreneurs at the grass-root level and also ensures that their standard of living improves. The AFIDE project is a cooperative model in cohesion with administrative structures of the cooperatives and Trade Union in target markets and catchment areas currently situated in Ibadan, Lagos State, and Osun state respectively. As means of certification, the Project is licensed and registered under FarmKonnect Multipurpose Cooperative which liaises with Market influencers and Trade leaders in other to promote the interest of financial inclusion and security among their members.
AFIDE subsists in other to help grass-root entrepreneurs entrust their earnings into modern day Agriculture which allow them make profits while their contributions become security for them to secure loans from Banks in partnership with AFIDE as the Banks transfer the loan to FarmKonnect Multipurpose Cooperative before it’s being finally disbursed to subscribers and AFIDE under the supervision and engineering of FarmKonnect Nigeria PLC gives them cooperative guarantee.
Some AFIDE agents telling a motorcyclist about AFIDE
This initiative is intended such that grass-root entrepreneurs operating in local jurisdictions can earn from the AFIDE scheme, and the exclusion gap of daily earners from social and economic benefits and activities can be equally bridged.