Each farmer has selected a planting goal earlier in the year, and they then purchase pre-paid myAgro scratch cards using their mobile phones to pay for high quality fertilizer and seeds on layaway. This is a transparent and flexible way for farmers to pay for the agricultural inputs they need each season. myAgro will deliver the fertilizer and seed packages each farmer has purchased to each village before planting time and provide technical training and weekly on-farm field follow up to enable these farmers to increase their yields and income by 50-100%. Though the farmers have not yet completed their layaway plan, it is time for myAgro to purchase seeds and fertilizer for these farmers in order to ensure that everything is ready in time for planting in June. This Kiva loan will cover the cost of those inputs not already covered by these farmers' layaway payments, and will thus be used to provide borrowers with needed goods or services, as opposed to cash or financial credit . Inputs will be purchased in March, and this loan will be repaid in July and August, once farmers have completed their savings packages and received their input packages.
About myAgro:
myAgro is a startup nonprofit organization in West Africa that enables farmers to purchase high-quality agricultural inputs - certified seeds and fertilizer - on layaway through an SMS-based platform and a network of local vendors. Additionally, the organization helps farmers to increase their crop yields by using more effective seeding machines. Kiva lenders' funds are used to help these farmers afford more labor-reducing and cost-effective seeding machines through loans with low interest rates so that they can increase their yields and improve their quality of life.