…This digitization eliminates the need for physical cash transactions, enhancing security for all stakeholders.
MON, MAR 25 2024-theGBJournal|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 said that the partnership is a fusion of our shared commitment to revolutionizing financial access and empowerment for agribusinesses across Africa.
”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,” he added/
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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