A Nigerian-based agricultural fintech company, Genesis360, has identified the cost of production, transportation, and electricity as key factors hindering the growth of small and medium-sized enterprises in the country.
In a statement, the Chief Executive Officer of the firm, Morakinyo Oluwadara, who decried the poor road infrastructure in the country, also blamed the hike in fuel prices for the shutdown of many agri-fintech companies in the country.
According to him, agri-fintech companies can help solve food insecurity challenges.
He added that there was a need for the government to provide facilities to make farms accessible.
He, however, revealed that Genesis360 had embarked on a project to solve food insecurity by providing food items to people on credit.
He said, “The Company will partner with farmers, food vendors, and restaurants among others in ensuring the mass processing of foods in the country.
“One of the things the government can help us with is infrastructure like roads and electricity as plants processing will run on electricity, and these are the things that bring down the cost of operation.
“We understand the place of the government coming in, and that’s when we talk about making funds available and institutions where young entrepreneurs can walk into, present their ideas and get access to funds and mentorship.”
One of the co-founders, Genesis360, Akinmade Mayowa, disclosed that their vision was to feed one billion Africans.
He said, “There is a layout plan for the vision, which includes a patterning with retail stalls to work with Point of Sale agents.
“In the next five years, we are going to have our processing plant and storage facility.”
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