Social Lender Partners OCP Africa in Expanding reach of its Financial Services to rural Communities

 

More than 60% of smallholder farmers in Nigeria do not have Bank Verification Number (BVN) and are currently unbanked or underbanked. To alleviate this pertinent problem, Social Lender, a Fintech company has partnered with OCP Africa, to bring financial services to Nigerians especially those in the agriculture value chain.


Back in 2019, the Central Bank of Nigeria (CBN) had stated its readiness to increase the number of bank account holders enrolled on the Bank Verification (BVN) System from over 40 million to 100 million within the next 5 years. However, as at August 2020, the total number of BVN registrations in Nigeria was only 43.2 million in a country with more than 100 million Adults.


In agriculture, with millions of small holder farmers, the lack of BVN is just one of the many indicators of the lack of Financial Inclusion leading to lack of Economic Inclusion and in many cases poverty experienced by smallholder farmers and other players in the Agriculture value chain. Helping these people improve their lives, is a major objective for the Social Lender and OCP Africa partnership.

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