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INTRODUCING AFIDE
According to the United Nations, 47% of Nigerians belong to the lower class and about 81% of them are daily earners, a huge part of their daily earnings goes into thrift collection and survival which makes their profits an exclusion from the nation’s GDP. By reason of their source of income, majority of them are unbanked and vulnerable to health and life risks as it is impossible for them to get bank loans and other opportunities which consequently make them excluded from benefitting from insurance packages. At the long run, they benefit little or nothing from their entire live earnings.
In other to create an atmosphere that allows daily earners enjoy the benefits of their earnings for a better life and as a way of adding profits to the nation’s economy, FarmKonnect Nigeria — a social agribusiness enterprise, that keyed into the sustainable development goals to promote food security and sustainable Agricultural practices in Africa has created a subsidiary tagged ‘’AFIDE’’ which means Agricultural and Financial Inclusion of Daily Earners. AFIDE aims at improving the lives and conditions of daily earners, that is, those who do not earn salaries in large sum, but earn daily profits or commission from sales of commodities and/or service rendering.
To fully harness the market, AFIDE is designed to run a cooperative management system where it will include the mini, micro and macro cooperative societies in the country in cohesion with the administrative structures of the cooperatives and Trade Unions or Associations in the targeted markets or catchment areas. As a registered cooperative society, FarmKonnect Multipurpose cooperative will liaise with cooperative representatives and leaders of trade unions to promote the interest and financial security of their members.
In a nutshell, AFIDE exists to help Daily Earners entrust their daily funds into agriculture and enable them to make profits while their contributions become security for them to secure loans from banks in partnership with AFIDE. The banks directly disburse the loan to the subscribers while AFIDE under the supervision of FarmKonnect Nigeria gives them cooperative guarantee.
In conclusion, The AFIDE system is designed such that Iya Sikirat Alata, Abeni Alagbo, Baba Jamiu Oni Micra, Chukwudi Spare part seller, and Garuba mai tea etc operating in the local markets under a cooperative society or a trade association can be part of the mission to achieve food security and zero hunger while they earn sustainable income from agriculture.
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