Technology is proving to be a game-changer for diverse sectors in Nigeria, including agriculture. FarmSlate, a startup helping smallholder farmers access financing and markets, is at the forefront. Founded by Ifeoluwa Tryphena Olatayo, the startup recently won the 2024 FCMB Agritech Hackathon, a competition that received over 1,000 applications and brought together some of Africa’s brightest innovators.
This win came with a N3.5 million ($2,244.27) cash prize and an invitation to join a venture-building program that promises expert-led coaching and potential access to an additional N16 million in funding. For Ifeoluwa, this is just the beginning.
“The FCMB Hackathon was a unique experience. The insightful sessions helped us communicate our problem-solution statement effectively, and the well-managed process allowed us to participate remotely. We are glad our innovation won the hackathon, validating our solution and preparing us for launch and scale.” Olatayo shares.
Olatayo leads FarmSlate Technologies for smallholder farmers
FarmSlate combines artificial intelligence, the Internet of Things (IoT), blockchain, satellite monitoring, and geospatial analytics to link farmers to working capital and reliable buyers. Its tech tools monitor weather patterns, soil health, and crop growth so farmers can make better decisions.
Through FarmFundr, Ifeoluwa Olatayo also helps farmers raise funds to purchase seeds, fertilisers, or equipment. Another solution, FarmTrade, connects farmers to urban markets through direct and reliable links to buyers, helping them sell their produce at fair prices.
Building Sustainable Food Systems
Soupah Farm-en-Market Limited, another initiative by Ifeoluwa Olatayo, is transforming Nigeria’s food system. Its mission is to create a sustainable food supply chain that connects smallholder farmers in rural areas with urban retailers. The goal is to empower farmers with better market access and ensure that nutritious, affordable food reaches urban centres.
Soupah is out to reduce food insecurity and ensure communities can access fresh, locally produced goods. Farmers in Soupah’s network are trained on methods that help them increase their production capacity, minimise waste, and tap into larger retail markets.
As Ifeoluwa’s vision expanded in 2023, she separated FarmSlate Technologies from Soupah Farm-en-Market Limited. This move allowed her to focus on the distinct goals of each initiative. Currently, FarmSlate is dedicated to innovating agribusiness with technology through financing and tech tools for smallholder farmers, while Soupah continues to bridge the gap between rural producers and urban markets.
Olatayo records success story
Farmers and stakeholders are already experiencing the impact of the solutions Ifeoluwa Olatayo is providing. Janet Nwachukwu, a farmer and supplier, described how FarmSlate’s app transformed her business.
“This app has assisted me greatly to grow my business. The working capital injection that we are receiving is creating economies of scale which in turn allows for a more cost-effective product for our customers.” she says.
The startup is also solving the long-standing credit access problem, which is a big challenge for smallholder farmers in Nigeria. Adeyinka Bolatito, a supermarket owner, lauds the platform’s holistic approach.
“The supply chain finance implementation is excellent. It’s not an IT implementation. It’s not a legal implementation. It’s not a financial implementation. It’s all of it. Excellent!” She states.
FarmSlate has onboarded over 300 farmers, digitised over 20,000 acres of farmland and recorded three times the return on impact and economic investments. Investors like Foluso Bankole are already commending the team’s professionalism and commitment.
“These people are amazing! Irrespective of the value of investment, you get treated with the same commitment, which is pleasing to see. I am very impressed,” he said.
