Agricultural and Financial inclusion for Daily Earners (AFIDE) is an initiative by Farmkonnect towards
contributing to the millennium development goals, goal 1 (no poverty) and goal 2 (zero hunger) of the 17 Sustainable Development
Goals of the United Nations which are set to be achieved by the year 2030 and depend largely on agriculture.
Agriculture provides answers to the question of what the people will eat.
It is estimated that 38% of Nigerian are financially excluded,
this is a rough estimate and the actual number will be higher. Some of these excluded people
include active micro business and service providers in urban areas who consider themselves as
earning too low to be banked or enjoy financial services. AFIDE aims to solve part of this problem
by providing a more financially inclusive system that enables the unbanked, under banked and the daily
earners to be more financially included, through cooperative and microfinance institutions and micro insurance systems, all backed by agriculture.
We ran AFIDE as a project called Basal Plan for a period of 18months in her early stage.
In the basal plan the element of loan was not included and the subscriber were generally satisfied, resulting in 97% client retention as the lowest of all time.
To bridge the gap of social, financial and agricultural exclusion while
continuing with its principal objective of contributing to food security, AFIDE in partnership with
interested financial institutions and other relevant stakeholders in the agricultural value chain proposes
an inclusive agricultural financial platform for all especially Nigerians at the grass root level, like traders
and transporters who are daily earners, with a focus to uplifting their living standards.
This sustainable agribusiness plan is tagged the “Agricultural and Financial Inclusion for Daily Earners (AFIDE)” and will
run under a regulated cooperative management system.