KWIDEX is a for-profit social enterprise located in Ghana, who aims to improve access to finance for agribusinesses by means of an online crowdfunding platform. Despite the fact that the agricultural sector largely contributes to the African economy, (small) agribusinesses as well as smallholder farmers face difficulty with financing, as a result of high interest rates and limited support from the government. With their online crowdfunding platform, KWIDEX offers an ‘online marketplace’ where farmers and investors come together to resolve this discrepancy in the African financing system. Farmers and agribusinesses who are looking for funds can present their projects on the platform, where after investors can contribute to any project of their preference in exchange for an agreed share of the profit. While the farmers are mainly from Ghana, the investors come from all over the world.
In order to successfully aggregate funds and to facilitate the payments from investors to farmers and agribussineses, KWIDEX closely cooperates with settlement banks and service providers in Ghana. Together with these partners, KWIDEX aims to improve access to finance for agribusiness and farmers for two main purposes. Firstly, to reduce the poverty among Ghanian farmers, and secondly to increase the food production and in turn increase the food security of the entire Ghanian population. Eventually, KWIDEX’s goal is to remove the barriers of financing to the extent that access to financing is no longer a limiting factor for any Ghanian business. But, considering that KWIDEX is the first well-known online crowdfunding platform in Ghana, it might be a challenge for the company to convince people of the effectiveness and the reliability of the innovative online crowdfunding system.
You can find more information about KWIDEX here.