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Bayer : supports innovative myAgro start-up with funding of more than USD 600,000 to assist smallholder farmers in West Africa

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01/23/2018 | 09:09am CET

Leverkusen, January 23, 2018- How can a smallholder farmer in Africa save money for much needed fertilizer and seed without a bank account or access to a loan? The answer is provided through pilot projects in Mali and Senegal by the start-up company myAgro: Mobile phones are widely used in rural areas of Africa and easy to use. The model works in a similar way as a pre-paid card for cellphones. As soon as a farmer has a little money left over, they can buy a myAgro scratch card that has an associated code at the back of the card, which is being sent to their myAgro account through SMS. The farmers - up to 70 percent women by the way - can pay in even the smallest amounts, for example one US dollar. Well in time for the start of the planting season, myAgro delivers high-quality seed and fertilizer to the farmers in their village. Thanks to the donation of USD 600,000 by Bayer, this important social innovation can now be extended.

Increased prosperity for smallholder farmers

'Through our model, we are changing access to the financial system in a way that suits smallholder farmers. That's because their needs often are not compatible with conventional capital flows. In this way we help them to achieve increased prosperity,' says Anushka Ratnayake, founder and CEO of the start-up. Thanks to myAgro's savings program, high-quality products and on-time delivery, small farms that are usually cultivated by the families themselves increase their yields by 50 to 100 percent on average and raise their net farming income by about USD 150 to 300 per year.

Fighting worm infections

In addition to expanding the pre-paid model, Bayer and myAgro also want to fight a key cause of poverty: many families in rural regions are affected by epidemic worm infections, which affect children particularly hard and hinder their development. The medicines are expensive and are frequently unaffordable for the farmers. Bayer and myAgro therefore support a worm control initiative that will provide free medication to smallholder farmer's children, which will help strengthen families so that they can further develop their farms and escape poverty.

'Food from smallholder farmers feed a large segment of the world's population,' says Liam Condon, member of the Board of Management of Bayer AG and Head of the Crop Science Division. 'Yet many of these farmers live in severe poverty. That's why we support myAgro, which can make a big difference with its innovative social business model and has the potential to enable a better life for more than 50,000 smallholder farmers, their families and the communities they help feed.'

Social innovations improve living conditions in the long term

Bayer supports innovative ideas and business models that help to improve living conditions in developing countries through the Aspirin Social Award, the alliance with the Global Impact Accelerator of the start-up fair Slush, as well as through targeted partnerships. 'Social innovation is part of our holistic approach to innovation,' explains Dr. Monika Lessl, Head of Corporate Innovation & R&D at Bayer AG and initiator of the collaboration. By collaborating with social entrepreneurs we strive to reshape global systems and catalyze future advancements in health and nutrition.'

More information on myAgro is available at www.myagro.org

About Bayer
Bayer is a global enterprise with core competencies in the Life Science fields of health care and agriculture. Its products and services are designed to benefit people and improve their quality of life. At the same time, the Group aims to create value through innovation, growth and high earning power. Bayer is committed to the principles of sustainable development and to its social and ethical responsibilities as a corporate citizen. In fiscal 2016, the Group employed around 99,600 people and had sales of EUR 34.9 billion. Capital expenditures amounted to EUR 2.2 billion, R&D expenses to EUR 4.4 billion. For more information, go to www.bayer.com.

Forward-Looking Statements
This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer's public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

Bayer AG published this content on 23 January 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 January 2018 08:09:04 UTC.

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