ThriveAgric, a leading Nigerian agritech startup, has announced a strategic partnership with Visa, a global payment company, as it expands its operations into Kenya. ThriveAgric plans to establish accessible hubs in five counties: Busia, Homabay, Migori, Nandi, and Narok. These hubs, with Busia and Homabay also serving as training centers and input development facilities, will allow agents to consolidate produce during harvest. Farmers can deliver their crops to these hubs and receive payment based on market quality standards.
The agricultural sector in Kenya is vital, engaging over 40% of the population and more than 70% of rural residents, significantly contributing to the economy. Despite this, financial support remains challenging to obtain due to high interest rates. Most funds are used for procuring agricultural inputs and covering labor expenses, both crucial operational costs.
Agriculture’s share in Kenya’s GDP has decreased over the years but remains essential, accounting for about 21.3% of the nominal Gross Domestic Product (GDP), according to the Central Bank of Kenya (CBK). It continues to be a lucrative investment area.
Eva Ngigi-Sarwari, Visa’s Country Manager for Kenya, stated that this partnership will enable Visa to build a strong network benefiting farmers directly. She emphasized that smallholder farmers are crucial to Kenya’s economy and align with Visa’s vision of expanding the digital payments ecosystem.
Ayo Arikawe, ThriveAgric co-founder, highlighted that this collaboration marks a significant milestone in ThriveAgric’s expansion into Kenya, which began last year with the establishment of local hubs in Busia and Homabay counties.
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The rise of agritech has positively impacted Kenya’s agricultural sector. Agriculture plays a pivotal role in the country’s economy, employing over 40% of the population and contributing 65% of export revenue.
This partnership aims to amplify agritech’s impact in Kenya as ThriveAgric continues to empower farmers by providing access to capital, premium global markets, and data-driven farming techniques. Recently, the startup announced an initiative to generate $56 million in carbon revenue for 30,000 Nigerian farmers.
