To increase and improve the performance of the agriculture sector, the Nigeria-based companies AFEX Commodities Exchange Limited, Binkabi, and Sterling Bank developed a digital blockchain platform.
Furthermore, the said digital platform would serve as a trading and financing platform between farmers and consumers. It, also, offers a lot of advantages:
- Give smallholder farmers access to the market without the inclusion of middlemen.
- Transparency of transactions in the supply chain.
- Also, it allows farmers to get a fair price of their products and, therefore, increase their income.
- Provide alternative financial structures for farmers.
- Help farmers achieve a resilient agriculture system by getting instant data about climate change and long-term solution to food security.
Source: Daniel Essiet, The Nation | Photo by Tumisu, Pixabay
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