Agriculture is more than just an economic activity; it plays an important role in ensuring sustainable development, social well-being, and food security. With the global population expected to reach 10 billion by 2050, demands for food and agricultural products remain very high. As a result, the agricultural sector is under pressure to keep up with the world’s growing food demand and changing trends in food preferences.

In the past years, thanks to technological advancements, agricultural productivity and efficiency have seen significant growth, resulting in increased food production and availability. Nonetheless, food security remains an important matter in many parts of the world. For instance, in Europe, it was estimated that nearly 10% of the population could not afford a healthy diet with meat or fish or vegetarian equivalent every two days. The situation is even more serious in other parts of the world, such as in Africa, where around 20% of the population does not have enough food, and over 140 million people have severe food insecurity with chronic famine and constant threats of starvation.

Challenges faced by farmers in Bangladesh and other developing countries

With the grim prospects of increasingly palpable impacts of climate change that further threaten agricultural production and place more pressure on global food security, it is vital to enhance the sector’s productivity and sustainable development to ascertain reliable food supply for more people.

In this regard, the digitalisation process that is claimed to bring about disruptive innovations and fuel growth in other industries can prove crucial in revolutionising the agricultural sector by enhancing supply chain transparency and efficiency, empowering the decision-making process with data science, strengthening sectoral resilience, and improving agronomic practices for higher production.

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Nevertheless, the agricultural sector is still one of the least digitalised sectors in the economy due largely to the huge digital gap faced by farmers around the world. Specifically, farmers living in rural areas often lack access to stable Internet and other digital infrastructures, insufficient education and training to bridge the digital skills gap, and lower living standards in general.

This is particularly true for farmers in developing countries such as Bangladesh, where agriculture contributes to over 11.6% of its GDP and employs around 37% of its total workforce. These farmers have limited access to resources and updated insights about farming practices, financing needed to invest in their farms, or access to broader markets due to inadequate infrastructure or services like internet connectivity.

The digital divide between developed and developing countries that heavily on agriculture has created many challenges for these communities, which can lead not only to economic but also social consequences if left unaddressed — from rising inequality among countries and within countries, limited opportunities for youth who find it hard to venture out of their home environment, decreased nutrition and food security, and other long-term sustainability issues.

How iFarmer harnesses the digital power to democratise financing and supply chain in the agricultural sector

Founded in Bangladesh in 2019, iFarmer is an agri-tech company that helps farmers maximise their profit potential with data and technology, direct-to-farm commerce, financial services, and advisory services. iFarmer has been partnering with financial institutions, agriculture input manufacturers, and food processing conglomerates to craft “one-stop solutions” for farmers and their farming needs and improve their yields and income through the use of data and technology.

The core of iFarmer’s offerings includes its proprietary platform, which provides real-time information on soil analysis results, fertiliser recommendations, crop analytics, training, financing, investment, and procurement and exchange. This comprehensive suite of services allows farm owners or managers to not only track field performance but also help them boost their knowledge and capacity, gain access to wider financing options to manage their farms, and buy more equipment. Moreover, through its mobile app and web portal, iFarmer offers several additional products and services for users, such as loyalty point bonuses, news and recommendations, investment products, and so on.

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With these solutions, iFarmer believes that it can digitalise the agriculture value chain through different initiatives. For instance, one of its key initiatives focuses on improving agricultural productivity through data intelligence and analytics. By collecting big data from farms around the world and utilising sophisticated algorithms, iFarmer can effectively collect and analyse weather information, soil fertility, pH level, and other soil attributes in real-time. Moreover, the application can also make precise recommendations for farmers to select the most suitable fertilisers to enhance their farms’ conditions and become more proliferate.

With all these features combined, it will become easier than ever before for farmers living in rural communities throughout Bangladesh and across borders to access fundamental resources for their farming operation, scale up, and spur professional development. To illustrate, Charubela Roy from Lalmonirhaat shared how she benefited from iFarmer, which has helped her with funding support, cattle feed, vaccination, veterinary services, and market access. iFarmer offers lower interest rates, flexible repayment, input services, and transport services to its farmers. “I can now grow more cattle and vegetables and have a more stable life,” said Charubela Roy.

In the next few years, iFarmer intends to embark on a more ambitious plan to better support farmers not only in Bangladesh but also globally, creating a strong network of support for farmers and making positive changes in agricultural production and food security across the world. iFarmer is currently planning to expand and bring more farmers under its network through a digitised network of micro-entrepreneurs called ‘iFarmer Centers’ for last-mile delivery as well as aggregation.

To learn more about the company, you may visit iFarmer’s official website.

About iFarmer

Founded in 2019, iFarmer has built a full-stack agricultural model which provides services ranging from distribution of agricultural inputs, customised farm advisory, access to financial services, and market linkages to sell farmers’ produce. iFarmer currently works with nearly 100,000 farmers across 25 districts in Bangladesh and has grown over 40 times in the last 3 years.

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This article is produced by the e27 team, sponsored by iFarmer

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