The project seeks to allow farmers a direct channel of sales that ensures transparency and fairness by reducing the amount of involved intermediaries.

Gonana empowers traders by providing a direct connection to customers, eliminating the need for intermediaries and fostering fair and transparent trade practices. With the integration of cutting-edge blockchain technology like Concordium, Gonana offers a range of innovative features, including a crypto payment option and a comprehensive DeFi solution.

In this article, we will delve into the market opportunities that Gonana can bring to the Concordium ecosystem. Let´s dive into it !

What is Gonana and how can it enhance financial inclusion for farmers in Nigeria?

According to the Nigerian Export Promotion Council (NEPC), middlemen in Nigeria’s agricultural supply chain can claim as much as 40% of a farmer’s earnings, greatly diminishing their income. Moreover, many individuals including farmers suffer from financial exclusion with only a staggering 36% of the Nigerian adult population having access to formal financial services.

Gonana is aiming to tackle these issues and stands as a cutting-edge Web3-powered marketplace catering to global agricultural commodity traders. Their advanced technology stack facilitates effortless engagement for both local and international traders, forging transparent business connections by harnessing the transformative potential of blockchain technology.

Nigeria is the most densely populated country in Africa and with a youth population of over 60%, many young Nigerians are actively engaged in cryptocurrency trading and investment. The team understands that cryptocurrencies are the future of secure, cross-border transactions and that’s why they will seamlessly wove crypto payments into their platform using the Concordium blockchain.

How does Gonana work?

With the integration of a marketplace contract, escrow logic, sponsored transactions, and the development of their own token, Gonana Farm will facilitate the smooth and transparent trade of agricultural commodities on a local and global scale. An interesting aspect offered by Gonana will be their DeFi solution, powered by Concordium, tapping into an existing growing trend of DeFi platforms in Africa, providing loans and financial services to underserved communities, offering farmers an alternative source of funding beyond traditional banks.

What does the Gonana partnership bring to Concordium?

The team behind Gonana is officially tied to a state-owned organization, namely the Plateau Development Company (PIPC), its primary goal is to attract investments, stimulate economic growth, and improve infrastructure and services to enhance the overall development and living standards of the region’s residents.

Concordium’s PoS blockchain with integrated identification protocols can be a valuable tool for governments aiming to meet regulatory requirements while leveraging the benefits of blockchain technology. It offers a balance between privacy and transparency, scalability, and the ability to create smart contract-based solutions for various government functions. Therefore the Gonana partnership offers a great potential for Concordium of successfully entering the Nigerian market, which is known to be a challenging arena for foreign companies due to its regulatory complexities and competitive landscape.

The Gonana project is currently in development and it is expected to go live by the end of Q1 2024. The team is now raising funds which will be essential to the further development of this project. Support Gonana now by reaching out to contact@gonana.farm.