Pay2Pay: Mobile-Enabled Solution for Working Capital Pre-Financing for Smallholder Farmers | Climate Finance, Ghana 2019

SEED Practitioner Labs Climate Finance in Ghana engaged financial institutions, funders, intermediaries and other SME ecosystem stakeholders over a multi-step process to co-create innovative climate finance products and mechanisms that extend access to long-term financing opportunities for “missing middle” small and growing climate-smart enterprises that struggle to advance beyond the start-up stage and multiply their contributions to climate-smart and socially inclusive economies.

Pay2Pay, developed by MDF Training & Consultancy, offers a new way of obtaining financing and access to markets to smallholder farmers and small and growing agribusinesses. It is a platform payment system that serves as an intermediary, bringing together financial institutions, smallholder farmers and business development services such as climate-technology service providers. The payment system is set up as a platform with the use of a mobile phone application reaching out to rural areas. Earmarking of pay-outs is used to ensure the proper utilization of money.