A Nigerian‑based agricultural fintech company, Genesis360, has identified production costs, transportation, and electricity as the main obstacles to the growth of small and medium‑sized enterprises in the country. In a statement, Chief Executive Officer Morakinyo Oluwadara criticized the poor road infrastructure and blamed rising fuel prices for the shutdown of many agro‑fintech firms. He emphasized that agro‑fintech companies can help address food‑insecurity challenges and called on the government to provide facilities that make farms more accessible.
Genesis360 is tackling food insecurity by offering food items on credit. “The company will partner with farmers, food vendors, and restaurants, among others, to ensure mass processing of foods in the country,” Oluwadara said. He added that government support for infrastructure—such as better roads and reliable electricity for processing plants—would reduce operational costs. “We understand the role of government in making funds available and creating institutions where young entrepreneurs can present their ideas and receive financing and mentorship,” he noted.
Co‑founder Akinmade Mayowa disclosed that Genesis360’s vision is to feed one billion Africans. “We have a layout plan that includes retail stalls working with point‑of‑sale agents,” he explained. “In the next five years, we will have our own processing plant and storage facility.”
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