LOLC Finance Uganda focuses on agribusiness
After getting a good grip of the Agri-tech business in Uganda, LOLC Finance Uganda has embarked on an ambitious expansion plan stretching across borders.
Early this week, the company established a subsidiary; LOLC Finance Rwanda with new offices in Musanze district located 69Km from the Rwandan Capital Kigali.
“We chose this district because it is a regional agricultural basket that benefits not just Rwanda in agri-business but also Uganda, given its borderline location,” the company’s Managing Director Trevor Uwimana told journalists yesterday.
He noted that the new office will extend the company’s various agricultural and financial services, soil health, food production systems, animal welfare, sustainable food supply, business appraisals and technical advice closer to the heterogeneous community in this areas which is often ignored by other agri-tech players.
He further revealed, besides this physical office, the company will continue enabling farmers do consultations while on the go using its reliable web-based application available on Google play store.
“We have undergone success in Uganda. Now we are taking a big step towards providing modern solutions to Rwandan agripreneurs. We are excited about the opportunity that this expansion into Rwanda and its dynamic initiative will bring to support future farming and food systems,” he said.
He further revealed that very soon they will be announcing other countries they are actively entering to help agricultural communities develop their businesses and achieve sustainable profits.
The company has found a fertile ground for expansion in Rwanda and sees opportunities in many other African countries, given the contribution to the Gross Domestic Product (GDP) that agriculture makes. According to the Rwandan Development Board statistics, agriculture contributes to 30 % of the national GDP and employs 70% of the population.
With Africa’s population set to reach 2.5 billion by 2050, agricultural efficiency is said to be a critical factor to sustaining population growth as increasing productivity requires a combination of tech solutions and tech education.
LOLC Finance was derived from the Kifumbira/Kinyarwanda words Itara hejuru Itara simply meaning Light Over Light and Capital. The company launched its App in 2019 which acts as a virtual consultation platform for farmers. The app connects farmers to extension experts who answer their queries, offer financial advice and information to help improve their productivity.