Frequently Asked Questions
- What is AgroFides?
- AgroFides is an AgTech and FinTech firm dedicated to supporting farmers in developing countries secure capital and services. AgroFides' goal is to turn cash-based farming into credit-based businesses. We identify creditworthy farmers, provide their farming operation(s) on our platform for lenders to loan directly in the farmers' businesses. Also, we monitor and provide resources for farmers to ensure a successful yield.
- Who are your customers?
- AgroFides provides credit assessment services and a lending platform for lenders while providing extension services and loan services to farmers. Our customers together create a global lending relationship while AgroFides provides the platform and expertise.
- How do you select farmers on your platform?
- We initially access cooperatives' records and identify successful organizations. Our field staff collect qualitative and quantitative data, including agronomic data on farmers and their farms. Combining the collected information with a variety of machine learning models allows us to assign a FidesScore to the farmers of our platform.
- How would you describe the type of Farmers on your platform?
- The majority of farmers on the AfroFides platform are commercial small and medium scale farmers operating on 2-10 acres of land. Some of these farmers are individuals working independently, while the majority are farmers operating within cooperatives, also independent. These farmers traditionally would have trouble securing credit and base their farming operations upon cash-based services.
- Does AgroFides offer any services beyond credit?
- AgroFides not only provides credit services to farmers but also offers extension services to promote good agricultural practices and climate-smart agriculture. We also provide financial literacy services to farmers.
- How do you access creditworthiness?
- We evaluate farmers by examining their character, capacity, capital, collateral, and conditions. These five Cs, combined with over half a dozen models, help us determine a farmer's FidesScore.
- What is the FidesScore?
- The FidesScore is an analytical tool that consists of over half a dozen models on farmers, their farming operations, financial history, and market and yield information to generate a "trust" score for the farmers.
- What are the cost of loans to farmers?
- Farmers are charged interest rate at or slightly higher than local prime.
- How does AgroFides ensure that loans provided by lenders are used for agricultural purposes?
- We ensure that loans are used for their intended purposes by disbursing loans in cash and in kind(i.e. seed, fertilizer). In addition we offer advice, monitor progress, and facilitate payment.
- What is the potential returns for lenders?
- In addition to monetary returns to lenders, AgroFides measure social, financial, and economic impact on all investments.
- How do I lend to farmers?
- AgroFides is building out our transaction and lending platform during our early pilot programs.Learn More and Sign Up