The Inspirer staff writter.
Singapore headquartered InfoCorp has become the latest member to join the Smart Africa Alliance and the first Singapore private sector member of the alliance.
InfoCorp and Smart Africa will enter into a Memorandum of Understanding to contribute towards accelerating Africa’s sustainable socio-economic development in AgriTech and FinTech through InfoCorp’s FarmTrek system. This is in line with Smart Africa’s manifesto and pillars.
FarmTrek is a system that uniquely combines the livestock and financial services ecosystems to enhance the livestock value chain and bring new financial services to livestock farmers. With Africa’s economies still being largely agro-based, FarmTrek encourages financial inclusion for small holder farmers by improving liquidity within the livestock value chain. Smallholder livestock farmers would access working capital loans using their livestock as collateral, livestock insurance services and cashless payments.
“We are honoured to have InfoCorp joining the Smart Africa Alliance. Private sector members are important to the entire continent because they are our innovation and implementation partners. Therefore, we are convinced that the value FarmTrek will bring to livestock farming will be critical in shaping the future of agriculture in Africa.”, said Mr. Lacina Koné, Smart Africa’s Director General.
In support of this initiative, Rwanda’s Ministry of Agriculture and Animal Resources (MINAGRI) will collaborate with InfoCorp to pilot FarmTrek as the first reference site starting in July 2019.
“InfoCorp Technologies is proud to join the Smart Africa Alliance. Together with other leading organisations within the African continent, we aim to bring FarmTrek, our inclusive financial services model to Africa to create greater financial access to the large number of unbanked, small holder cattle farmers”. Said Roy Lai, Founder and CEO of InfoCorp, recipient of the Singapore Rotary Club and Association of Small & Medium Enterprises “Social Contribution Award”.
About InfoCorp Technologies
Founded in 2015 with headquarters in Singapore, InfoCorp Technologies’ aim as an integrated FinTech and AgriTech company is to bring inclusive financial services to the livestock industry in emerging markets via its blockchain-based platform, FarmTrek. Bringing together best talent across the globe, InfoCorp has staff in Rwanda, Myanmar, India, Vietnam, Argentina, and the US.
FarmTrek was successfully piloted with two Myanmar government agencies and launched in 2019. Its innovation has been acknowledged as one of 10 winning business models for women entrepreneurs, co-funded by the United Nations to improve access to finance for Women micro, small and medium enterprises (MSMEs) via the UN FinTech Innovation Fund.
About Smart Africa
Smart Africa is a bold and innovative commitment from African Heads of State and government to accelerate sustainable socio-economic development on the continent, ushering Africa into a knowledge economy through affordable access to Broadband and usage of Information and Communications Technologies.
Launched in 2013 by seven (7) African Heads of State, the Alliance has grown to 25 Member Countries and dozens of Private Sector and Academia members including Inmarsat, Ericsson, Econet Wireless, Huawei, CIB, MTN, Microsoft, Orange, Facebook, Intel, Rohde & Schwarz, Intelsat and Carnegie Mellon University Africa to name a few.
Its founding members include the African Union Commission (AUC), the International Telecommunications Union (ITU), World Bank, African Development Bank (AfDB), UN Economic Commission for Africa (UNECA), African Telecommunications Union (ATU), New Partnership for Africa’s Development (NEPAD), the GSM Association (GSMA) and ICANN.