OFF THE BOOKS without smartphones , have a tangible point of support when they need a loan . Moreover , these partners play a pivotal role in data collection via the Emata MIS and facilitate loan repayments . Compared to the more traditional avenues like banks , MFIs and SACCOs , our approach is refreshingly inclusive . Even the smallest farmer finds a financial ally in Emata .
In short , our blend of innovative tech and on-theground partnerships means Emata loans aren ’ t just faster or more convenient ; they ’ re a breath of fresh financial air for African farmers .
Emata was voted the world ’ s ‘ Best New Startup ’ at the 2023 Global Startup Awards . What do you believe sets Emata apart from other FinTech startups in the industry ?
First of all , it was an enormous honour to be named ‘ Best New Startup ’ and a validation that our work makes sense globally . It shows that what we are working to do has a real , tangible impact on an underserved and ignored part of the global population . More importantly , the world needs more food and Africa is uniquely positioned to provide it . Our impact is not just local or regional ; it ’ s global . The jury said the following about our victory : “ Emata offers a compelling and scalable solution to some of the world ’ s most underserved demographics . It seeks to disrupt and retake a broken financing system , to support both cooperatives and farmers and already boasts massive growth . It helps all sides and there ’ s nothing not to like about this initiative .”
Expansion plans in East Africa , particularly in Tanzania and Uganda , are on the horizon . What strategies does Emata have in place to navigate and succeed in these markets ?
Expanding in East Africa , we ’ re leveraging our core strengths while adapting to each country ’ s nuances .
1 . Partnerships : We ’ re growing our partner network across agricultural sectors . These alliances aren ’ t just for reach – they help us understand local intricacies , ensuring our solutions are tailored right .
2 . Proven success : Our blueprint in Uganda , especially from our strongest value chains , serves as our primary guide . We ’ re replicating our most successful strategies , fine-tuning them to local realities .
3 . Leveraging similarities : East Africa offers familiar terrain with its crops , climate , farmer group structures and National ID systems . This familiarity means we can roll out our services faster , without reinventing processes .
Our strategy is simple : adapt our successful Ugandan model to the shared agricultural landscape of Tanzania , all while fostering essential partnerships .
In the context of the broader FinTech industry , how do you see Emata ’ s role in driving financial inclusion and economic empowerment in Africa ?
Unlocking eligibility : Most farmers do not meet the eligibility requirements of traditional financial institutions . Emata revolutionises this with AI-driven alternative credit scoring , turning the ineligible into the bankable . Our tech identifies potential where traditional systems fall short . Farmer-first approach : We ’ re not just a lender ; we ’ re a partner to our farmers . Our offerings are tailored around the season , with the flexibility to adapt to weather changes , intricacies in value chains and changes in harvest time . And , recognising the unpredictability of farming , we ’ ve built in insurance against unforeseen events , further securing our farmers ’ livelihoods .
Genuine affordability : Unfortunately , the FinTech world has its fair share of high-interest rate offerings , preying on desperation . Not us . We embed ourselves in the agricultural value chain , minimising risks to offer genuinely affordable rates . For us , loans aren ’ t a trap ; they ’ re a tool for prosperity .
With your background in FinTech and Emata ’ s mission , how do you envision the future of agri-finance in Africa and the impact it can have on the continent ’ s agricultural sector ?
Agriculture in Africa has enormous potential . For far too long , the focus has been on the size of the farm rather than the farmer ’ s potential . Our commitment at Emata is to recognise and empower the best , not the biggest , farmers . Providing these deserving farmers with the right financial tools enables them to invest , innovate and grow professional farms . Such a paradigm shift from a smallholder-centric mindset to a professional approach can transform the agricultural landscape The world needs more food . With Africa housing 60 % of the world ’ s untapped arable land and boasting a staggering 90 % yield potential , there ’ s an incredible opportunity on the continent . By marrying finance with farming , we ’ re not just boosting individual prosperity but setting the stage for Africa to emerge as the world ’ s leading breadbasket . � www . intelligentfin . tech
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