Farm Alert, an agritech company has joined forces with Lenco and Ure Microfinance Bank to launch a product loan initiative aimed at tackling the dearth of capital in the Nigerian animal health industry. According to the company the innovation will particularly address major challenges in the sector as most Nigerian veterinarians and animal health professionals frequently grapple with financial limitations, which have impeded their capacity to deliver vital services to the agricultural community and pet owners.
The company noted that absence of accessible capital restricts their ability to stock essential medications, vaccines, and other health products, resulting in treatment delays, diminished animal productivity and an increased risk of disease proliferation.
With the initiative, veterinarians who partner with Farm Alert can leverage product credit at distribution centres located in Abuja, Lagos, Ibadan, and Kano to enable them procure necessary treatments promptly, independent of their current financial standing.
CEO of Farm Alert, Dr Femi Kayode, during the launch, highlighted the significance of the collaboration where he said, “This partnership with Lenco and Ure Microfinance Bank signifies a pivotal step in our quest to democratise animal health services across Nigeria. By confronting the pressing matter of capital limitations, we are enabling veterinarians to deliver indispensable services that are the backbone for both farmers and pet owners.”
According to the CEO, the partnership promised to reshape the delivery of animal health services in Nigeria by eradicating financial hurdles.