SeedFi has teamed up with agri-tech company Winich Farms to introduce a new produce-collateralised loan initiative aimed at empowering Nigerian farmers. The innovative financial solution allows farmers to use their stored agricultural produce as collateral to access flexible loans, effectively breaking down traditional barriers to credit.
This strategic partnership seeks to combat long-standing financial exclusion in Nigeria’s agriculture sector. Despite being a key driver of the rural economy and food security, many farmers have been locked out of the formal financial system due to a lack of credit history, formal documentation, or acceptable collateral.
Samaila Dogara, co-founder of SeedFi, emphasised the importance of inclusive financing: “Farmers are the backbone of our economy, and they deserve equal access to financial tools that support their growth and resilience.”
Attai Riches, CEO of Winich Farms, highlighted the benefits of the new model, stating, “Farmers can now unlock financing by leveraging their stored produce, bypassing the traditional roadblocks of asset-based collateral or extensive paperwork.”
Under the program, farmers who store their crops in Winich’s certified warehouses can qualify for loans without needing land titles or fixed assets. The funds accessed through the program can be used for any purpose, from reinvestment in farming operations to household expenses.
The beginning phase is set to benefit over 700 farmers, with plans to expand the model nationwide to reach more agricultural producers across Nigeria.
