Interswitch, one of Africa’s leading integrated payments and digital commerce companies and eMaisha Pay have announced a partnership that will digitize payments in Uganda’s agriculture sector to address several challenges encountered by farmers as well as businesses throughout the value chain.
To tackle issues such as limited access to
credit, absence of appropriate saving tools, and the risk of theft associated
with handling cash, Interswitch has introduced smart devices which will enable wholesaler
field agents to accept payments made by retailers of agricultural products using
the eMaisha Verve Card. This digitization eliminates the need for physical cash
transactions, enhancing security for all stakeholders.
In a bid to support economic growth in
agriculture, the partnership extends benefits to wholesalers of agro-inputs and
retail businesses, enabling them to receive payments from the eMaisha Verve
Card via Point-of-Sale terminals. This helps to streamline cash collections and
to reduce risks like theft which result from carrying large sums of money on
the move. Retailers, facing challenges like limited working capital, access
credit through the eMaisha application and it is placed on their eMaisha Verve
card, promoting simplified access and ultimately, business sustainability.
Speaking about the partnership, Peter Kawumi,
Managing Director of Interswitch East Africa, emphasized the company’s commitment
to simplifying payments across sectors and regions,
"Interswitch is pleased to embark on this
partnership with eMaisha Pay which signals a new dawn for our agricultural
sector in Uganda. Digitizing the agricultural value chain, which employs almost
70% of Uganda’s population, will enhance genuine agricultural inputs and
solidify Uganda's role as the food basket in the region."
Smallholder farmers, who are often excluded from
the formal financial services fold, also benefit from the partnership. The
eMaisha Verve Card facilitates their access to credit and the purchase of
inputs, creating a financial history and digital footprint for assessing
creditworthiness. The card's savings functionality ensures business continuity
for farmers, contributing to the sustainability of their ventures.
Sserubiri Uhuru, Co-founder and CEO of eMaisha
Pay, highlights the partnership's commitment to revolutionizing financial
access for agribusinesses. Commenting about the initiative, he mentioned that,
“This partnership is a fusion of our shared
commitment to revolutionizing financial access and empowerment for
agribusinesses across Africa. The eMaisha Verve Card, powered by Interswitch’s
robust infrastructure, is set to redefine the agriculture financing landscape,
offering tailored financial services to agribusinesses and smallholder farmers
to grow, and build resilience in the face of climate change. This partnership
is a testament of our relentless pursuit for innovation, and excellence,
striving to bring the best of technology and financial services to the
doorsteps of Africa’s smallholder farmers and agribusinesses.”
This collaboration signifies a significant
milestone in driving digital transformation in agriculture, leveraging
innovative digital payment solutions and credit products to enhance efficiency,
security, financial inclusion, and climate resilience across the entire
agricultural value chain.
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