Around the world, especially in the agribusiness sector, cash is king. Used in more than 90% of transactions, cash may be the primary method of payment but it doesn’t allow farmers to establish a digital footprint giving them a foot in the door for credit and other financial services.
The switch to digital finances would also eliminate the need to travel to the bank, risk losing money through theft or accident, and allowing for social distancing during the pandemic.
In Ghana, efforts are being made to transition to digital payments for cacao farmers which have yielded great information about the expenses associated with cacao farming.
In this survey, 52 merchant points were monitored through electronic transactions and the results indicate cacao farmers spend most of their money on education, farming inputs, paying workers, and food.
Using this data, companies can customise electronic banking software to the agribusiness sector. As mentioned in an article from January, the Cacao Management System was established and now includes a digital payment platform. Ghana is proving to be a leader in applying technology to the agribusiness sector which ultimately helps farmers.