News site AFN dedicated to the foodtech and agrifoodtech industry placed an article by Lucy Ngige that discusses about co-founder of FoodInsure
startup Ahmed Umar that induces people to increase savings for food commodities. The digital food saving application is available for mobile gadgets, connecting farm producers with accessible prices to consumers. The platform aimed at supporting Nigerian Agri producers who encountered market access issues. Currently, the app FoodInsure connects to about 100 small farmers.
The author of the application has extensive experience in building construction technology, including incubation projects for western Africa countries such as Benin, Togo and Nigeria and engagement with credit startups. Owner of the platform shared his story of initiating the application that came after the impact of the pandemic on people’s life and economic condition. When he realized that food and its availability is the main struggle people faced during lockdown, he decided to launch a special application to help people to save for food and in case of emergency can be utilized, which contributes to improve food security.
App creator also mentioned decreasing access problems that food producers can experience particularly after harvest season, so the platform is able to connect supply and demand.
The application has a technical capacity to store deposit savings that can be used for food purchasing with no access to convert it to money. Additionally, the money insured by The Nigeria Deposit Insurance Corporation (NDIC), ensures auxiliary safety. Further, the platform provides an electronic marketplace for small farmers where customers can purchase commodities for deposit savings. These pre-ordered foods have guaranteed supply mainly for a comparatively cheaper price.
Founders are intending to forward gathered data on demand and supply to financial institutions and banks, especially rice and maiz
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