InfoCorp Technologies Signs Memorandum of Understanding with Rwanda’s Ministry of Agriculture and Animal Resources
“Opportunity to formalise more than $500 million worth of informal cattle asset into Rwanda’s economy to deliver win-win outcomes for farmers, business and nation.”
26 March 2019: Singapore-based InfoCorp Technologies and Rwanda’s Ministry of Agriculture and Animal Resources (MINAGRI) formalise relationship by inking Memorandum of Understanding. The MoU sets the overarching cooperative framework for InfoCorp to implement FarmTrek as a bespoke solution for Rwanda to reduce poverty amongst cattle farmers, especially those under the Girinka Programme, and facilitate more efficient access to livestock insurance and livestock-backed financing via digital payment.
This agreement culminates from discussions since January 2019 between both parties. Implementation of FarmTrek — as a platform to manage and develop the value chain by adopting a cross-cutting approach from agriculture to financing — delivers multi-benefits that include -
- Supporting Rwanda’s Livestock Master Plan strategic objectives to develop the dairy and red meat value chain through technology innovation;
- Opening access to an untapped market [of farmers] by lifting them out of financial exclusion and into the financial system. This is achieved by formalising [their] informal cattle assets, thus unlocking potential ‘dead capital’ of more than $500 million worth of cattle asset into Rwanda’s economy;
- Safeguarding farmers livelihood by providing access to working capital financing by enabling cattle to be used as collateral;
- Increasing social economic return on investment from more than 200,000 cows valued more than $100 million that is given to poor families under the Girinka Programme, and
- Stimulating economic activities and job creation in various subsidiary industries such as finance, mobile phones, and livestock feeds and fodders.
The MoU is signed by Mr. Jean Claude Musabyimana, Permanent Secretary for MINAGRI and Mr. Roy Lai, Founder and CEO of InfoCorp Technologies. In the ensuing period, InfoCorp will be working with MINAGRI to develop bespoke solutions that meet MINAGRIs objectives. This includes deployment of FarmTrek Mobile to farmers with the coordination of MINAGRI, and also customisation of FarmTrek Business for specific users.
InfoCorp Technologies Pte. Ltd. Founded in 2015 with headquarters in Singapore, InfoCorp Technologies’ aim as an integrated FinTech and AgriTech company is to bring inclusive financial services to the livestock industry in emerging markets via its blockchain-based platform, FarmTrek. Bringing together best talent across the globe, InfoCorp has staff in Rwanda, Myanmar, India, Vietnam, Argentina, and the US. FarmTrek was successfully piloted with two Myanmar government agencies and launched in 2019. Its innovation has been acknowledged as one of 10 winning business models for women entrepreneurs, co-funded by the United Nations to improve access to finance for Women micro, small and medium enterprises (MSMEs) via the UN FinTech Innovation Fund.
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