Executive Summary
The world’s 1.6 billion rural smallholder farmers are among its poorest and most marginalized people. Annually, these farmers need $200 billion in financing to grow the productivity and income from their farms, but today only 25% of this need is met. This inaccessibility keeps smallholders trapped in a cycle of intractable poverty. myAgro was founded in 2011 to solve this problem with a pioneering a new financial tool: mobile layaway. Farmers use their mobile phones to pay little by little for the seeds, fertilizer, tools, and training they need to improve yields and exit poverty. In 2019, myAgro served more than 62,000 farmers across Senegal, Mali, and Tanzania, increasing their yields by 50 to 100 percent and incomes by more than 50 percent. With additional support, myAgro is poised to successfully reach 2 million farmers across six countries over the next five years.
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