Hello Tractor, Heifer International Unveil Pay-As-You-Go Financing for Agripreneurs

James Emejo in Abuja

Heifer International has said it is investing $1 million in the tractor-booking platform, Hello Tractor, to provide loans for tractor purchases, which could be repaid from revenues earned by leasing them to local farmers. 

The programme, “Pay-As-You-Go (PAYG) Tractor Financing for Increased Agricultural Productivity in Nigeria,” has already enabled tractor purchases in the states including Nasarrawa, Abuja and Enugu. 

Senior Vice President, Africa Programmes, Heifer International, Adesuwa Ifedi, at the launch of the initiative in Abuja, said these purchases could make tractors accessible to thousands of smallholder farmers via the increasingly popular Hello Tractor leasing platform. 

She said, “The pay-as-you go model provides financing for entrepreneurs who want to create jobs by capitalizing on the demand for tractor services on Africa farms, but who lack traditional forms of collateral. It’s a way to unlock capital for youth who have strong business skills that can help transform African agriculture but are often overlooked by private equity investors.”

Sometimes referred to as Uber for tractors, Hello Tractor offers software and tracking devices that allow farmers to book tractor services from local tractor owners via a mobile phone app. 

Also, speaking at the unveiling, Founder/Chief Executive, Hello Tractor, Mr. Jehiel Oliver, said the partnership with Heifer will enable the company to extend innovative financing to people who were previously considered unbankable while increasing access to technology that has the potential to improve the incomes of millions of smallholder farmers across Africa.