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Hello Tractor Raises $1m From Heifer International For PAYG Tractor Financing Project

The Nigeria-based startup has rolled out a tracking device and software that allows farmers and tractor owners to book connected tractors from their phones. 

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Hello Tractor has raised US$1 million in funding from Heifer International to provide loans for tractor purchases which can be repaid from revenues earned by leasing them to local farmers.

According to Hello tractor, its Farmers get a critical service formerly unavailable to them, and owners see a fleet optimization opportunity that also minimizes fuel theft and fraud. It currently serves over 500,000 small farmers across Africa with over 3,000 tractor and combine owners.

It has now raised US$1 million in funding from Heifer International, which supports farmers and local food producers to strengthen local economies and build secure livelihoods that provide a living income.

The cash is funding a new programme, “Pay-As-You-Go (PAYG) Tractor Financing for Increased Agricultural Productivity in Nigeria,” which has already enabled tractor purchases in the Nigerian states of Nasarawa, Abuja and Enugu.

Jehiel Oliver, founder and CEO of Hello Tractor said: “We developed the PAYG programme to make tractor ownership – and the reliable income these machines can bring – a reality for entrepreneurs who find it impossible to get credit through normal channels. We look at the revenue tractor owners can generate, not how much collateral they can pledge.”

“enables us 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,” Oliver added.

Adesuwa Ifedi, Senior Vice President of Africa Programmes at Heifer International, said: “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.”



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