As a smallholder farmer, FarmDrive connects you to loans and financial management tools, all through your mobile phone.
FarmDrive offers financial institutions products and services to efficiently increase their agriculture portfolios, mitigate risks, and reduce costs.
FarmDrive helps financial institutions reduce the time spent manually assessing farmer creditworthiness and creating agriculture loan products, thereby accelerating agricultural portfolio growth.
The first line of defense against credit risk is their algorithm which produces credit scores that account for the many factors that affect the repayment capacity of farmers. Additionally, by providing decisioning tools and bundling the loans with hybrid index insurance, they help financial institutions create loan products that are more likely to be repaid on time and protected in the event of unforeseen environmental circumstances.
Working with FarmDrive helps financial institutions cut costs in three ways. First, digital farmer acquisition eliminates the need for costly on-the-ground recruitment. Secondly, alternative risk assessment and data-driven loan product development reduce losses due to default. Finally, the scalability of FarmDrive’s model reduces operational costs institution-wide on everything from paper consumption to travel fees.