Complete Farmer, a Ghanaian agricultural technology company, has secured a $2.4 million convertible loan from the International Finance Corporation, the World Bank’s private-sector arm. The deal was announced on Sept. 18.
The company will also receive $660,000 in advisory and grant support. The money is meant to strengthen its internal systems and expand its ability to finance farmers.
What the Deal Includes
The I.F.C. led the transaction with the Business Investment Financing Track, known as BIFT. BIFT is a $75 million blended-finance window under the Global Agriculture and Food Security Program. It aims to reduce the risk for private investors backing smallholder farmers and agribusiness start-ups in 77 low-income countries.
A convertible loan can turn into equity later, so the I.F.C. could eventually hold a stake in the company.
The I.F.C. announced the Complete Farmer package alongside a separate, larger facility for Absa Bank Ghana. Together, the deals are part of a push to expand agricultural finance in the country.
Nathalie Kouassi Akon, the I.F.C.’s division director for West Africa Gulf of Guinea, said the two deals target different weak points in the farming chain. The Absa facility addresses cocoa purchases. Complete Farmer’s addresses farmers’ access to inputs, services, credit and buyers.
How the Platform Works
Desmond Koney founded Complete Farmer in 2017. Its digital platform links farmers with buyers, banks, input suppliers and agricultural service providers.
The company says its network includes more than 72,000 farmers across eight regions of Ghana. It runs eight fulfillment centers and operates in Ghana and Togo.
Mr. Koney, the chief executive, said many farmers who could grow commercially still struggle to access the financing they need. He said the company has spent years building the technology, data and market links to change that.
Aiming for 240,000 Farmers
The I.F.C. said the loan will help Complete Farmer connect more smallholders with financial institutions. It framed the goal around 2030 and said it expects the partnership to reach and support 240,000 farmers. That is more than three times the current network.
An Early Backer Cashes Out
Five35 Ventures, an Africa-focused investment vehicle with a gender lens, recently completed its first exit from its Complete Farmer stake. It is backed by the Mastercard Foundation Africa Growth Fund.
According to a statement from Five35, it invested in April 2022 and exited in March 2026. Over that period, it said, the company’s valuation rose from $6 million to $49 million. Five35 reported a 3.5 times return on invested capital and a 38 percent internal rate of return.
What to Watch
Several questions remain. The terms of the convertible loan, including its interest rate, maturity and conversion price, were not disclosed. Neither was the size of the Absa Bank Ghana facility.
It is also unclear how quickly Complete Farmer can grow its network while managing credit risk. Lending to smallholders is hard to do at scale. The company’s platform data on farmers’ production and sales is its main tool for judging who can repay.
The I.F.C. is betting that this data, combined with grant support and lower-risk capital, can move more farmers from informal borrowing to formal credit.
Sources: Africa Startups
