Growsel, a AgTech company in Nigeria has reaffirmed its commitment to increased food production and improved employment opportunities in the agriculture sector by disbursing the initial tranche of farm loans to its first set of farmers in 2018.
The crowd funded loans which would be repaid after sales of the planted crops are meant to help smallholder farmers in the country upgrade from subsistence farming to commercial farming.
Speaking on the disbursement, the Chief Executive Officer, Growsel, Jerry Oche in a statement, said “Growsel is happy to announce the funding of the first set of farmers for 2018, “we are happy to announce the disbursement of first tranche of funds to our farmers after a thorough verification process”, he said.
He added that “for us at Growsel, we are living our dream which is to reduce hunger and unemployment by supporting smallholder farmers with the provision of funds, training and technological solutions to tackle agricultural challenges facing stakeholders in the sector”.
Oche further said “we appreciate our partners, with their support in 2017 we funded farmers cultivating different crops like sweet potatoes, cassava, tomatoes and rice in different parts of the country. We expect more from them this year and we also expect that more people will join Growsel in creating a better tomorrow for humanity”.
He explained that the firm connects Africa smallholder farmers to investors across the Globe, giving them access to capital via crowd funding, access to global best practices through mobile devices and Technology driven farm management solutions.
Speaking on Growsel’s processes, he said the system is a foolproof process that results in a win-win situation for both farmers and individuals supporting the farm projects. T
“The supporter gets a minimum return on investment of 20 percent, depending on the crop, while the farmer gets capital to cultivate a larger farm than he would if he had to raise the money on his or her own”, he added.
According to him, the unique thing about Growsel is that it does not give cash to farmers but rather provide impute and enhance materials.