Business - Your Money
Updated: October 12, 2020

N-Power Beneficiaries Can Take Advantage Of Agrictech To Increase Income

By Olalekan Fakoyejo
October 12, 2020
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Since President Muhammadu Buhari's administration started, unemployed Nigerians and lower class Nigerians have been benefiting from N-Power. While the longevity of N-Power is not sure due to the revenue problem of Nigeria, one thing is certain, N-Power beneficiaries need to find a way to increase their income before the programme is shut down.

There are several ways to double or increase income, but only a few are credible, and one of the few is the agrictech platform - these are agric investment firms that help individuals invest their money into the agric business and payback with interest in three or six months, depending on the subscription package.

With as low as NGN5,000, N-Power beneficiaries can invest in farm businesses such as poultry, rice, maize, or other farm produce, and earn more than your investment in six months. Investing in Agrictech platforms is better than saving your money in banks, as credible Agrictech platforms guarantee interest rates of different percentages.

In Nigeria, there are only a few credible Agrictech platforms. The list of credible Agrictech platforms with proven histories includes GroupFarma, Crowdyvest (Farmcrowdy), Farmsponsor, and Requid.

What You Need To Know About Agrictech Platforms

GroupFarma, Crowdyvest (Farmcrowdy), Farmsponsor, and Requid have different operational methods, even though they all use technology to improve the agricultural business in Nigeria.

These Agrictech platforms help eliminate risks by bearing the risk burden and also help investors to manage the farm they invest in - so, rather than you acquiring land for farming and employing people to manage it, GroupFarma, Crowdyvest (Farmcrowdy), Farmsponsor, and Requid do the acquisition and the management.

You just have to invest as low as NGN5,000, relax, get updates of farm activities, visit the farm if you want to, and receive your investment back months later, including interest, at the end of the farm cycle - Note that these agrictech platforms don't charge for investment, and they can be accessed through Mobil phone.

How These Agrictech Platforms Work

Requid: Just like any Agrictech platform, Requid operates with farm cycles. The cycle of farming for Requid varies from three months to 12 months, depending on which subscription farm cycle and farm produce you choose to invest in.

Requid, which was founded by Felix Imafidon, offers up to 60% cumulative return on investments annually. With Requid, N-Power beneficiaries can invest in poultry, cashew, catfish, sesame seeds, and others for an interest determined by the amount you invest.

According to Requid, investors' wallets are secure with United Capital Trustee, but investors can liquidate their investment before the cycle ends, if no longer interested. Note that Requid won the maiden edition of the Nigerian Stock Exchange X-Kathon competition.

Farmcrowdy: With Farmcrowdy, N-Power beneficiaries can invest NGN20,000 into farm produce managed by the Agrictech company. Farmcrowdy's return on investment starts from 7% to about 44% - the interest is determined by the amount of investment and farm produce invested in.

Farmcrowdy which was founded by Onyeka Akumah, Akindele Philips, and three others, also have maize farms, rice, potatoes, fish, cassava, poultry, and more farm produce that N-Power beneficiaries can invest in. And just like its rivals, Farmcrowdy claims it is insured by Leadway Assurance.

Groupfarma: N-Power beneficiaries can sponsor or invest in a farm managed by Groupfarma and earn returns with interest on investment ranging from 20% and 28% - depending on the farm cycle chosen by the investors.

While the least of Groupfarma's investment is placed at NGN50,000, it is still possible for N-Power beneficiaries to invest in the agrictech platform's farm produce which includes the usual, maize, rice, fish, and also sesame farm.

N-Power beneficiaries can invest in Groupfarma by coming together to contribute or crowdfund in order to gather the needed NGN50,000. The investment cycle for Groupfarma is from six months and above. AllNews gathered that Groupfarma was created by Timesellers Limited, and the platform is insured by Leadway Assurance.

Farmsponsor: Farmsponsor offers investors as much as 15% interest on investment for a poultry farm cycle that lasts for 12 weeks. Farmsponsor is insured by Leadway Assurance, thereby, stating that investors' investment is secured with them.

N-Power beneficiaries will have to crowdfund to invest in this Agrictech platform, as it requires NGN100,000 or more as an investment in their farm business. Farmsponsor, in a statement, said sponsors or investors are indemnified from financial losses. Farmsponsor was created by Bill Kenneths and Akpa Chike.

What You Need To Know About Insurance Cover

While these Agrictech platforms claim to be insured by insurance companies, AllNews gathered that the safety of investors' money is determined by the Agrictech platforms, not the insurance companies. Also, before investing in the Agrictech platforms, read through their FAQs (frequently asked questions).

You can also contact the Agrictech platforms via phone, request for their agreement with insurance companies, and also contact the Security and Exchange Commission (SEC) for more information about the Agrictech platforms.