MICROCAPITAL BRIEF: Banque Centrale Populaire (BCP), Sowit Deliver Agritech to Farmers in Morocco

Morocco’s Banque Centrale Populaire (BCP) recently signed an agreement with Sowit, a provider of agricultural technology (agritech) services, to support farmers in Morocco in increasing their profitability with better data and access to finance. In particular, Sowit will provide farmers in the Béni Mellal-Khénifra region with climate, weather and satellite-based crop data intended to optimize fertilization, irrigation and other tasks. Sowit, which has offices in France, Morocco, Senegal and Tunisia, also uses artificial intelligence to estimate farmers’ ability to repay loans. Sowit has partnered with 70 agricultural organizations in 11 countries to monitor 80,000 hectares, reportedly increasing yields by 12 percent.

The BCP Group, whose subsidiaries are active in banking, microfinance, insurance and international services, reports 2020 income of DHS 19 billion (USD 1.8 billion) on a balance sheet of DHS 444 billion (USD 41 billion).

Sources and Additional Resources

Morocco World News article
https://www.moroccoworldnews.com/2022/09/351371/bcp-sowit-partner-to-boost-financial-inclusion-of-moroccan-farmers

Sowit homepage
https://www.sowit.fr

Sowit app
https://play.google.com/store/apps/details?id=fr.sowit.core

BCP Group homepage
https://www.groupebcp.com

More news on Morocco from MicroCapital
https://www.microcapital.org/?s=morocco

Did you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.