FarmLedger — Inputs, Credit & Markets for Nigerian Smallholders

Business Plan

Executive Summary

FarmLedger is a Nigerian agritech company building the financial infrastructure smallholder farmers never had. We combine input financing, real-time agronomy support, and a direct buyer marketplace into a single mobile platform accessible via feature phone, smartphone, or human agent.

Nigeria's ~14 million smallholder farmers produce over 80% of the country's food, yet remain trapped in a cycle of poor seeds, no credit, and predatory offtake prices. FarmLedger breaks that cycle.

How it works in one sentence: A farmer receives certified inputs on credit through a local agent, follows SMS/voice agronomy tips during the season, then sells harvest directly through FarmLedger's buyer marketplace — repaying the input loan automatically at settlement.

Core unit economics (target Year 1 steady-state): • Average input loan per farmer per season: ₦85,000 • Interest/service fee on loan: 8% flat per season (~16% annualised) • Marketplace commission on produce sold: 3.5% of GMV • Target repayment rate: ≥88%

Three-year headline targets:

| Metric | Year 1 | Year 2 | Year 3 | |---|---|---|---| | Active farmers | 12,000 | 48,000 | 140,000 | | Revenue (₦m) | 142 | 567 | 1,640 | | Gross Margin | 38% | 47% | 54% |

We are raising ₦750 million (seed round) to fund agent network expansion across three anchor states (Kaduna, Benue, Ogun), technology buildout, and a first ₦400 million lending pool. The funding runway extends 22 months, taking FarmLedger to Series A readiness with proven unit economics and a path to profitability in Month 26.

FarmLedger's founding team combines agricultural finance, mobile product engineering, and deep rural distribution expertise across Nigeria's agri-corridor.

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Company Description

Legal name: FarmLedger Nigeria Limited Incorporation: Limited liability company, registered under CAMA 2020, Nigeria Headquarters: Abuja, FCT — with field operations in Kaduna, Benue, and Ogun States Founded: 2024 Stage: Pre-seed / seed

FarmLedger's mission is to make every Nigerian smallholder farmer financially visible and commercially connected. We believe the fastest path to Nigeria's food security is not government subsidy but market infrastructure — the tools that let a farmer in Kafanchan access the same quality inputs and fair prices as a large commercial estate.

Legal and regulatory position: FarmLedger will operate input lending under a partnership with a licensed Microfinance Bank (MFB), avoiding the need for an immediate lending licence while remaining fully CBN-compliant. The marketplace operates as a digital commodities broker; we are engaging NAFDAC and the Nigeria Commodity Exchange (NCX) to align with emerging e-commodity regulations. Mobile money operations are facilitated through an existing NIBSS-connected fintech partner.

Core operating model: FarmLedger is asset-light on physical infrastructure. We leverage ~400 trained Village Agents (VAs) in Year 1 as the last-mile human layer, supported by a cloud-based platform (Android, USSD, voice IVR). VAs are commission-earning, not salaried, keeping fixed costs manageable.

Crops in scope (Year 1): Maize, rice, cassava — the three largest staples by Nigerian smallholder acreage, with well-established buyer demand and measurable input-output cycles of 90–180 days.

Long-term vision: Become the operating system for smallholder agriculture in West Africa, expanding to Ghana and Côte d'Ivoire by Year 5.

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Problem & Customer

The customer: Nigerian smallholder farmers cultivating 0.5–5 hectares of arable land, primarily growing maize, rice, or cassava. Median age ~42. Predominantly low formal literacy but high mobile phone penetration (~73% own a phone; ~38% smartphone in rural areas). Income highly seasonal and largely unbanked or underbanked.

Four interlocking problems: No access to quality inputs on affordable credit. Most farmers buy inferior open-pollinated seeds from roadside traders. Certified hybrid seeds and balanced f