Cashew loans: social impact for thousands of farmer families in West-Africa
Cashew financing to facilitate the development of African business, for combating poverty on a fair, economic basis.
Nuts2 provides African cashew farmers access to the international market for nut trade, at fair prices. In doing so, they aim to provide as many value-adding activities as possible (i.e. factory processing) to take place in Africa in order to stimulate the local economy.
Nuts2 has two factories in West Africa; Afokantan (400 employees) located in Benin and Anatrans (1500 employees) located in Burkina Faso. Raw cashew nuts are purchased directly from around 5,500 farmers. For us to be able to buy the harvest from the farmers, harvest financing is needed, because the sale takes place a few months later.
Both factories form the engine of the local economy. An important factor of success is that the local management is Western or received a Western education. Also of great importance is the fact that senior management is loyal to the factory and its objectives to provide the local population with fair prices and stable jobs. Due to a good harvest and well-run factories, over 6,000 poor farmer families now benefit from the increased activity. It gets better, in addition almost 2,400 people have a paid job in the factories of which 85% are women! Both farmers and employers therefore have good family income. This makes it possible for their children to go to school, to pay for their health care and sometimes even save a little. That is the social impact we want to reach together! Read more about this story at www.nuts2.com
In the period May 2019 - June 2021, MissionInvest has raised $5.8 million cropfinance through its extensive network of impact investors. The majority of this capital are longterm loans of 3-5 years. A result to be grateful for.
$5.8 million to help African farmers! In 2019 MissionInvest and Nuts2 set the goal to seek funding for 4 million EUR for the purchase and processing of nuts in Africa. We are happy to announce that we have achieved this goal already in June 2021 and even raised a million more! We want to thank Wim Hasselman for all the contacts he has made the past two years. This funding, and the many more that will come in the future, make it possible for us to connect African farmers to the market. It also helps us to process the nuts locally. All of this we do in a fair and transparent way!