Fostering financial inclusion and transparency
Mobile banking – using electronic bank accounts and payments – is providing many farmers with access to banking services for the first time and increasing their capacity to save money. Using mobile banking, farmers are able to trade more effectively and reduce the risks associated with receiving cash payments. Farmer cooperatives are also able to transfer premium payments to farmers much faster than in the past, improving the speed with which farmers are paid and increasing transparency of the entire premium payments process.
Progress and highlights
31,598 farmers have opened bank accounts in 2016 (globally)
We have been promoting access for farmers to banking and finance for a number of years. We are partnering with the World Cocoa Foundation to roll the project out, using a model developed by another of our partners, the IFC.
Launched in 2015, our first pilot involving five cooperatives in Côte d’Ivoire has seen 447 new bank accounts opened to date and resulted in $71,000 of savings and $53,000 paid to farmers in premiums. Five more cooperatives will join the initiatives over the coming year.
In Indonesia, 6,607 of the farmers we source from have gained access to mobile banking, in addition to 24,507 farmers in Ghana.
In Ghana, our innovative, high-tech purchasing model is based on the principles of full traceability. In September 2017, we made our first ever sustainable premium payment by electronic transfer to cocoa farmers in Ghana, benefiting over 10,000 farmers through 2 million GHS in mobile payments made by Cargill in partnership with its customers.
9,000 more farmers across nine cooperatives will get access to mobile banking in Côte d'Ivoire by the end of 2018. Our aim is that 50% of members of targeted coops to be provided with bank accounts and 50% of members will be involved in automatic saving policies, resulting in €300,000 more in savings by farmers.