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A low cost communal insurance system that helps rural farmers access inclusive insurance services at $5 per month.

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Foremost, awareness is generated to enable farmers in rural areas know about the opportunity. Interested farmers register to become members. A database/statistics of their agricultural activities to be insured are analyzed and estimated. All members will have a date by which they should pay their insurance amount of $5 with a moratorium time to enable them do this without undue financial pressure. The total sum collected is deposited at the insurance company in the name of Farminsurance in two accounts, one for long term compensations and the other for short term compensations. This process of collecting their micro contributions is done on a monthly basis with options for them to pay in advance. Alternatively, a select group of farmers may demand for an individual account to which they can service through Farmsurance. In the event of eventualities, the farmer informs Farmsurance, who analyses the level of damage and equals it to its compensation plan scale based on duration. Farmsurance then files for claim with the insurance provider and delivers compensation to the farmer accordingly. Problem Solved: This service helps bring financial inclusion to rural farmers who may not ordinarily be able to access them. Insurance is the ultimate confidence a farmer can have for the future. It also save them the challenge of the insurance technicalities, time, etc. It helps prepare them for the rainy and dark farming days. They can access loans through the platform as well.


Over 10million rural farmers in Nigeria will benefit from this. It will be replicated in other eligible African countries.


Yes, Nigeria.


  • Yes


  • I’ve worked in a sector related to my idea for over a year


  • Yes, for more than one year.


A Nigerian social enterprise developing solutions in agriculture/food & beverage industries, tapping into the rich rural farmers productive potentials. Recipient of Nigeria's government YouWiN business award 2013. We're seek collaboration and support.

In Nigeria, less than one percent of the farming population have access to insurance cover even though 42 percent of the GDP is represented by agriculture. The Central Bank of Nigeria’s Director, Development Finance Department, Paul Eluhaiwe, lamented that only about 500,000 farmers have insurance cover in the country.

Small-scale farmers in Nigeria are classified as resource poor due to the poor resource-base available to them, especially resources. This causes low productivity due to the fact that they produce purely for subsistence consumption and little marketable surplus. Food production in Nigeria, as in many developing countries is linked with small-scale agriculture. Insurance is considered as one of the most effective means of reducing the vulnerability of the poor from the impacts of disease, theft, violence, disability, fire and other hazard. Insurance protects against unexpected losses by
pooling the resources of the many to compensate for the losses of the few, the more uncertain the event the more insurance becomes the best form of protection.

Farmsurance is a farm micro-insurance service that helps rural farmer access inclusive insurance services and benefits through contributing to a purse deposited at an accredited insurance firm. The challenges of rural farmers accessing insurance services are enormous ranging from awareness, access, technicality, convenience. This service takes insurance to rural farmers who may never go to or have access to insurance systems. 

This service acts as an information platform training farmers on the use and benefit of this system, acts as a link to the insurance provider. To be effective, it will include the services of financial advisers. Farmsurance also relates and process claims for each farmer when needed. Typically, we will partner with the Nigerian Agricultural Insurance Corporation (NAIC), Nigeria Agricultural Insurance Scheme (NAIS), Nigerian Agricultural Cooperative and Rural Development Bank (NARCDB), etc which are national agricultural insurance platforms in Nigeria who have for long been trying to bring this solutions to farmers.

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