Virtually every sector of importance in our lives today is well supported by various technology tools. In the farming and agricultural sector, farmers have tremendous support through the development of mobile-based farming applications and software that enhance farmers’ ability to make crucial decisions accurately. Various mobile-based fintech tools that have been developed and availed in the market are making a significant impact in supporting farming.
Enhancing Access To Loans
With fintech, farmers have an opportunity to borrow money easily to facilitate their farming activities. The mobile-based applications are designed to connect farmers to various financial solutions that can help power up their farming. These mobile-based platforms also go a notch higher to ensure that farmers make accurate financial decisions through accurate financial planning.
Connections in the Market
The fintech platforms available to farmers through their mobile phones are also well optimized to allow them to integrate and network with other stakeholders in the entire farming sector. These connections are crucial, especially in instances where farmers get a chance to obtain a ready market for their produce.
Farmers now have an opportunity to accurately manage their farming activities through agribusiness. In this regard, the developed mobile applications can enable farmers to visualize the progress they make versus their inputs. This idea proves a game-changer in helping farmers to realize profits much better. This is as compared to instances where they do not have access to an agribusiness management platform, thus forcing them to make random and uninformed decisions.
Access to Insurance Services
The development of various farming technologies mediated through mobile phones and the internet of things enables farmers to gain better access to insurance covers for their crops. The availability of weather monitoring systems that can transmit data remotely to mobile devices gives insurance companies an opportunity to offer better insurance services that protect farmers from adverse weather conditions.
Agribusiness technology gives farmers the negotiating power they need to leverage the kind of services they receive from other stakeholders in the farming industry. They can, for instance, visualize the kind of services and benefits being provided by other competitors, thereby allowing them to negotiate for fair treatment and prices.