Netherlands-based “NpM, Platform for Inclusive Finance,” which was previously known as the Netherlands Platform for Microfinance, recently announced the winners of its Geodata Innovator’s Challenge, the goal of which was to encourage “technology companies to transform their geodata-based solutions for smallholder farmers and make them available for the financial sector.” A total of 17 companies participated in the challenge, and the winners are Agri-Wallet, Apollo Agriculture and VanderSat. Each will receive EUR 125,000 (USD 143,000) to create test implementations of their solutions. The prize money is funded by the Netherlands-based Rabobank Foundation; Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), which is controlled by the Dutch government; and the US-based Bill & Melinda Gates Foundation. Ireland-based consultancy Accenture supported the effort by facilitating workshops for the participants.
Agri-Wallet, which was launched in Kenya in early 2018, links farmers in developing countries with a “secure, instant and near-free global virtual currency account on their mobile phones” utilizing blockchain technology. This intended to allow farmers to access a wider range of lenders and other providers of financial services. Financial information on Agri-Wallet is not available.
Kenyan startup Apollo Agriculture, which was founded in 2016, is using agronomic machine learning, remote sensing and mobile phones to give farmers advice on their usage of inputs such as seed and fertilizer. Apollo has secured a total of USD 1.6 million over three funding rounds from US-based NGO Accion, FMO, Canada-based Mastercard Foundation, US-based Oberndorf Enterprises (OEL) Venture Investments and Rabobank Foundation.
Netherlands-based VanderSat, which was founded in 2015, “turns satellite-derived climate data into valuable soil moisture information across all sectors.” In 2017, the European Commission’s Executive Agency for Small and Medium Sized Enterprises invested EUR 1.3 million (USD 1.5 million) in the organization.
NpM, Platform for Inclusive Finance, was established in 2003 with the goal of expanding financial access to underserved areas around the world. The organization works alongside the Dutch Ministry of Foreign Affairs and has 13 members. As of 2018, the members of NpM are active in 97 countries and have committed EUR 4 billion (USD 4.6 billion) to the inclusive financial sector.
By Michelle Fleming, Research Associate
Sources and Additional Resources
NpM press release on award winners
http://www.inclusivefinanceplatform.nl/what-s-new/news/964/winners-of-the-npm-innovator-s-challenge
NpM press release on finalists
http://www.inclusivefinanceplatform.nl/what-s-new/news/958/meet-the-finalists-of-the-npm-innovator-s-challenge
Agi-Wallet homepage
https://agri-wallet.com
Apollo Agriculture homepage
https://apolloagriculture.com
Crunchbase profile on Apollo Agriculture
https://www.crunchbase.com/organization/apollo-agriculture
VanderSat homepage
https://www.vandersat.com
Crunchbase profile on VanderSat
https://www.crunchbase.com/organization/vandersat-b-v
NpM homepage
http://www.inclusivefinanceplatform.nl
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