Mastercard, National Bank launch app for Tanzanian farmers

Mastercard and National Microfinance Bank (NMB) have launched eKilimo, a mobile solution developed by the Mastercard Lab for Financial Inclusion to ensure the digitization of the agricultural sector in Tanzania.

eKilimo, Swahili for ‘eAgriculture’, is a digital platform aimed to help, introduce efficiency, security and transparency in the agriculture supply chain by making transacting faster, safer, and easier for all stakeholders including the farmer, the buyer and the agent.

Powered by the digital platform developed by the Mastercard Lab, eKilimo will allow farmers to conduct the entire transaction process of receiving payments and selling produce via a feature or smartphone, without having to walk hours to markets.

This helps to ensure farmers benefit from the ability to capture a higher percentage of the wholesale value of their goods by providing price transparency and more direct access to buyers.

By providing digital payment to farmers, eKilimo will leverage the existing agency banking structure to facilitate account opening for farmers and joint ideation on new product features. This is in line with the Mastercard vision of a more digitally and financially included Africa.

“Using digital technology to provide access to farmers and introducing transparency to the buying and selling process will drive efficiencies into this supply chain, positively impacting the economy. In the long run this should help famers gain access to formal financial services and solutions, enabling them to manage their funds ensuring a better more secure future for them and their families,” said Raghu Malhotra, President, Middle East and Africa, Mastercard.

Read the full Techmoran article here.