Season Five of the HiPipo 40 Days 40 FinTechs initiative has commenced, spotlighting AgriShare, an innovative Agric-tech platform that is leveraging financial technology to enhance the livelihoods of over 100,000 farmers and agricultural stakeholders in Uganda.
This year’s focus is on transformative financial solutions, with AgriShare introducing a Buy-Now, Pay-Later model specifically for solar-powered irrigation equipment, addressing the pressing challenges posed by drought.
AgriShare’s Innovative Financial Solutions
AgriShare’s latest initiative allows farmers to acquire solar-powered irrigation systems on credit, enabling them to pay in manageable installments. This approach not only alleviates the immediate financial burden on farmers but also promotes sustainable agricultural practices.
Caroline Nalubwama, the Hub Manager for Luweero, emphasized the benefits of solar energy, stating, “This is a cost-friendly model for farmers as they don’t need to buy fuel; plus solar energy is environment friendly.” In addition to the Buy-Now, Pay-Later model, AgriShare offers a pay-as-you-go option for irrigation pumps, allowing farmers to gradually own essential equipment.
Nalubwama noted that while many farmers prefer digital payment methods, cash transactions are still an option, ensuring inclusivity in payment systems.
Encouraging Youth Participation in Agriculture
Nalubwama also urged the youth to engage in agriculture, highlighting its profitability and potential for economic growth in Uganda, which is predominantly an agro-based economy. With over 70% of Ugandans employed in agriculture, she encouraged young people to seize the opportunities within the sector and contribute to economic development.
AgriShare is expanding its reach, with plans to open more offices in Western Uganda, further supporting farmers across the country.
The HiPipo 40 Days 40 FinTechs Initiative
The HiPipo 40 Days 40 FinTechs initiative, part of the broader Include Everyone program, aims to showcase innovations in financial technology that serve underserved populations. This year’s season will delve into the innovations and upgrades within the FinTech sector, fostering discussions among participants about the potential impacts of their products and services.
HiPipo CEO Innocent Kawooya expressed enthusiasm for the initiative, stating, “We are going to have candid discussions with FinTechs about their innovations and latest upgrades and what impact they envision these products and services and upgrades will have on their customers.”
With over 150 participants in previous years, the initiative continues to be a premier platform for showcasing how financial technology can facilitate access to the digital economy for marginalized groups. The support from partners such as the Bill and Melinda Gates Foundation and organizations like the Level One Project and Mojaloop Foundation has been instrumental in the initiative’s success.
