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    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

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    Google Expands its Digital Wallet to South Africa

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    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

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    Flutterwave debunks Alleged Reports of Hacked Accounts

    Flutterwave debunks Alleged Reports of Hacked Accounts

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PICTDA announces Resumption Date for Code Plateau Cohort

    PICTDA announces Resumption Date for Code Plateau Cohort

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

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    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

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    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

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    Is Africa Ready to Operate a Digital Monetary Policy?

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    Bundle Launches Web App to Give Users More Accessibility to Crypto

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    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

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    Flutterwave gets Switching and Processing licence from CBN

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    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

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    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

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    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

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Nigeria’s Hello Tractor raises $1 million to facilitate tractor-purchasing

by Ajifa Solomon
May 2, 2022
in News
Reading Time: 3 mins read
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Nigeria’s Hello Tractor raises $1 million to facilitate tractor-purchasing
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Nigeria-based Hello Tractor , a tractor-booking platform, has raised a $1 million investment from Heifer international.

This funding will be used to provide loans for tractor purchasing which can be repaid from revenues earned by leasing them to local farmers. Hello Tractor will use this raise to expand its pay as you go (PAYG) platform to provide smallholder farmers with the much needed capital to engage in farming.

Hello Tractor has been around since 2014 with Jehiel Oliver doubling as founder and CEO. The platform seeks to connect farmers with owners of farm equipment. For the tractor owners, Hello tractor provides them a means of earning income whilst the renters get to tackle labour constraints that would have resulted in late planting, underutilization of farmland and delayed harvest.

Hello Tractor’s PAYG model serves the smallholder farmers who are usually cut off from the commercial banking system and neglected by private equity investors.

The startup also provides remote tracking of assets, preventing fraud and machine misuse, through virtual tractor monitoring. Hello Tractor’ has a tracking device and software that allows farmers and tractor owners to book connected tractors from their phones.

Since its inception, Hello Tractor has worked with 500,000+ farmers using 3,000 tractors on its marketplace. The startup has also established its presence in 15 countries.

Jehiel Oliver, developed the PAYG programme to make tractor ownership – and the reliable income these machines can bring – a reality for entrepreneurs who find it impossible to get credit through normal channels. 

“We look at the revenue tractor owners can generate, not how much collateral they can pledge, ” he said. 

Partnering with Heifer International will enable Hello Tractor “to extend innovative financing to people who were previously considered ‘unbankable,’ while increasing access to technology that has the potential to improve the incomes of millions of smallholder farmers across Africa.”

Adesuwa Ifedi, senior vice president of Africa Programmes at Heifer International, said the PAYG model provided financing for entrepreneurs who want to create jobs by capitalising on the demand for tractor services on Africa farms, but who lack traditional forms of collateral.

“It’s a way to unlock capital for youth who have strong business skills that can help transform African agriculture but are often overlooked by private equity investors,” Ifedi said.

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