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 2022, myAgro served 100,000 farmers across Senegal and Mali. On average, farmers who partnered with myAgro last year grew 2.5x more food and earned $252 additional income relative to control farmers.
With funding support, myAgro is poised to scale our model reaching 1 million farmers, including 700,000 women, by 2026.
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Accomplishments
In 2023, myAgro surpassed its annual reach target of 175,000 farmers and is currently on track to serve more than 195,000 farmers across Mali and Senegal by the end of the year, 65% of whom are women. myAgro provided these farmers with access to our mobile layaway platform, where they saved money in small amounts to purchase our climate-smart packages of high-quality farm inputs and agriculture training, which we delivered at the village level. This year, we also continued to pilot off-season products such as poultry and expanded our agroforestry offerings, both of which help to smooth farmer food security and income throughout the year. Lastly, we successfully piloted for expansion to Côte d’Ivoire and will enter phase two of the pilot in 2024, bringing our solution to more communities across West Africa.
