29 Oct Mastercard join hands with LEAF to expand financial inclusion and increase farmers income
Mastercard announced a collaboration with LawrencedaleAgro Processing India (LEAF) to create LEAFFarmer Network.
LEAF noted that LFN will empower farmers in Andhra Pradesh, Karnataka, and Tamil Nadu.
Farmers will also benefit from training and capacity building throughout the harvest cycle, including post-harvest management to prevent loss.
Mastercard today (29 October 2021) announced a collaboration with LawrencedaleAgro Processing India (LEAF), India’s foremost agriculture value chain facilitator, to create LEAF Farmer Network, which will increase financial access and inclusion for more than one million farmers in India. This platform will improve the lives of Indian farmers by combining technology with human interaction to address the country’s rural ecosystem’s various transparency concerns.
Key People: Michael Miebach and Ajay Banga
Headquarters: United States
Founded: 16 December 1966
Revenue: 1,530 crores USD (2020)
Founders: Wells Fargo, Bank of California, First Interstate Bancorp, Crocker National Bank
Subsidiaries: Access Prepaid Australia Pty Ltd., Cirrus, more
The platform aims to improve the lives of Indian farmers by combining technology with human interaction to address the country’s various transparency concerns. In an official release, LEAF noted that LFN will empower farmers in Andhra Pradesh, Karnataka, and Tamil Nadu by digitizing harvest data, improving access to markets, giving knowledge on better crops, and bringing in a high degree of transparency by linking them directly with the buyer.
The stakeholders in the agricultural ecosystem are impeded by a lack of clear access to actionable data. This problem is solved by incorporating a virtuous loop between farmers and markets, allowing for improved information access, LEAF Founder and CEO, Palat Vijayaraghavan, said. The essence of LFN, he explained, is digitizing the product purchase process. “Through specialized on-the-ground farmer advice and change management staff, it is a high-touch methodology. It is made possible by Mastercard’s rural-relevant, secure phone-based, and internet-agnostic technology “Vijayaraghavan said.
By integrating buyers, agricultural inputs, suppliers, AgTech, and banks with farmers, the platform will digitize markets, workflows, payments, and farmer transaction histories, resulting in an economically viable ecosystem. Farmers will also benefit from training and capacity building throughout the harvest cycle, including post-harvest management to prevent loss.
The introduction of LFN is a follow-up to Mastercard Farm Pass, a trial initiative that began in Andhra Pradesh in 2018. Farm Pass is a key part of Community Pass, a shared, interoperable digital infrastructure for rural residents that makes crucial services more accessible and reduces costs. Farm Pass now assists 600,000 farmers in India and East Africa, helping many of them increase their revenues by 25 to 50 percent.