Bayseddo aids Senegalese farmers, who typically struggle to farm their land because they lack access to financing
Spotted: Senegal-based company, Bayseddo, has created an online platform that connects land-owning farmers with investors interested in agriculture. The startup serves as a match-maker and a supervisor, keeping track of the farms’ development and the return on investment.
Senegalese farmers struggle to farm their land because they lack access to financing. Bayseddo aims to solve this problem by modernising an ancient tradition in African farming communities — for centuries, farmers partnered with relations who had funds to help them. Today, the startup uses a mobile app and real-time tracking software to do the same thing.
Potential investors create an online account and Bayseddo connects their interests with its farming partners. Investors purchase shares in the farms for a limited period, and the agreement includes an estimated rate of return on the investment. For instance, a share in a mixed farm cost in Saint Louis, Senegal costs just over €150, with an estimated return of 25 per cent. Investors can track the farm’s performance in real-time through a mobile app.
The startup has already facilitated €360,000 in investment. To date, 350 investors have helped farmers exploit 508 hectares and create 205 jobs. The investment in poultry farms alone has produced 45,000 chickens.