A dozen startup businesses, sourced from nine African countries, have been selected to participate in a programme that offers access to innovation to unlock financial services for smallholder farmers.

The Village Capital Fintech for Agriculture East Africa accelerator programme has been officially launched and two startups will be eligible to received $50,000 each in funding.

Village Capital's investment committee selected the 12 most outstanding startups on the basis of how their ideas have the potential to increase incomes for smallholder farmers by improving their access to financial services.

The 12 startup firms selected to join the three month programme are:

● Atikus Insurance : Expands access to credit by increasing the capacity of MSME lenders via reimagined insurance and technology risk solutions.

● Chamasoft: Web and mobile app to automate record keeping for investment groups.

● Ensibuuko : Builds ICT solutions to enable enterprises deliver financial services efficiently and to scale rapidly, reaching underserved communities.

● FarmDrive: Transforming how smallholder farmers access financial services.

● Farmerline: Provides accurate and timely agricultural information to farmers and also provides technology to stakeholders to work better.

● MShamba: Interactive platform for smallholder farmers and traders.

● Mobipay: Technology solutions to various economic sectors to drive commerce and trade.

● nanoCredit Technologies: Lending and derisking engines, providing structured digital finance for small farms.

● Rangerland Solutions: Online livestock marketing platform that directly connects buyers and sellers, reducing marketing costs.

● Redcore Interactive: remit.ug is a platform for online international money transfers to mobile money in Africa.

● SmartMoney: Freeofcharge branchless mobile banking to unbanked rural communities in Uganda and Tanzania.

● YieldUganda: Sources high quality, traceable food products for local and export markets

A media release from Village Capital explains that the focus will be on business model canvassing, customer hypothesis testing, financial modelling, partnership and customer development, and investor engagement.

"Thanks to the pool of talented and innovative startups that applied for a place on our programme from across East Africa, it was a challenging process to select the final 12. We have been truly impressed with the quality of applications received this year," John Mulqueen, Financial Associate at Village Capital.

"We are very excited to get started with our programme, and get down to work. We look forward to building and shaping the innovative solutions our startups are creating, and we believe their work will truly unlock the value of East Africa's agricultural sector," he added.