How micro-savings could empower millions of smallholder farmers in West Africa
In short: For 60 million smallholder farmers in West Africa, living on less than two dollars a day makes saving nearly impossible. But a new approach is changing the math, offering a transparent way to build purchasing power and transform subsistence farming into sustainable entrepreneurship.
Smallholder farms are the backbone of global food security, yet they face immense hurdles. These farms, typically defined as being smaller than two hectares, represent 84% of all farms worldwide. While they manage only about 12% of agricultural land, they are responsible for 35% of the global food supply. In regions like Sub-Saharan Africa, where the average farm size is just 1.6 hectares, these smallholders still produce 35% of the regional food supply.
Despite their importance, these farmers are trapped by a cycle of low productivity and low income. They face external pressures like climate change and economic downturns, alongside internal struggles such as inefficient supply chains. This financial instability is a major reason why the world is currently off track to meet the UN's Sustainable Development Goal of Zero Hunger by 2030. In fact, hunger is rising; in 2020, nearly 12% of the global population faced severe food insecurity, a 19% increase from 2019.
To combat this, organizations like myAgro are introducing digital and transparent saving systems. By allowing farmers to save small amounts of money and access them when needed, these tools aim to provide the purchasing power required to run successful farms. The goal is to move beyond mere survival toward a living income. As the global population grows, food production must more than double over the next three decades, making the economic empowerment of these 60 million farmers a critical necessity for global stability.
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Sources
- Summary by Intellect · source: Anushka Ratnayake: A transparent, easy way for smallholder farmers to save
- Also: Addressing the Digital Divide for Smallholder Farmers — Harvard ALI Social Impact Review
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