Moses Katala is CEO of Magofarm, a Rwandan company that produces animal feed proteins from insects. How we made it in Africa asked him to identify an untapped business opportunity in Africa. This is his response:
“There is potential for financing smallholder farmers. We have a lot of smallholder farmers who sustain most of our agricultural production but a lot of them do it only at a subsistence level. They don’t have the $500 worth of capital to invest and increase their production. Yet, there are people in the cities who have a surplus of income but they never do farming.
“We need to find a way to transfer the surplus capital from these people in the cities to the people in the rural areas who have no money to increase their production but have got the willingness and ability to farm.
“If I had to put it into one word, I think it would be crowdfarming. This is an area with a lot of potential as most of the African countries depend on agriculture and most of our produce comes from smallholder farmers.”