MathsChic:
Hello All,

I'm sure some of you know about Farmcrowdy already. It's a digital agricultural platform where farm sponsors are able to purchase farms and reap rewards of up to 15% in 5-6months after gestation. Their website is www.farmcrowdy.com. I wrote about them sometime ago.

Now, I have come questions or concerns I'd just like to raise.

I had a chat with their representative online regarding the nature of insurance they provide for invested money. According to them, all monies invested are insured by Leadway Insurance, so investors don't lose money. However, the nature of this insurance is not disclosed. I pressed the representative further and all I got in return was that "this has not happened before". On asking how they intend to cover the loss they'll incur if it does happen, I got no response. I couldn't even elicit a response how this insurance mechanism is structured and how they interpret losses, if they do incur one. Is a loss when they fail to make their desired, expected revenue, or when they make only an insufficient percentage?

Responses from the representative were standard copy-paste responses, with some even repeated for the same questions. I find this a great concern.

I don't know if anyone has heard of Theranos (an american bio-tech coy). They came onto the scene making promises which turned out false. But it took the investigative power of a diligent WSJ journalist to out them. Unfortunately, Nigeria is not such a country gifted with tech journalists who go the distance in their investigations, else wouldn't it be nice to have someone on their case?

I'd love to know what you think of this. We need to get the detail of that insurance with Leadway.

MrMcJay:
@ Denowo, Mathschic, I'm also a potential investor.

In the Insurance information shared by Denowo, there's no cover for when such crops are eaten by birds, wild animals and more particularly, fed on by fulani herdsmen and their cattle.

However, I think it's a wonderful idea and should be roundly applauded.

denowo:
You dont expect a first level customer service or rep to have such details, besides it is normal for big companies to have a a pre determined answer so has to manage the information passed out and ensure consistency. The fact that you are a potential customer doesn't avail you access to such information.

Perhaps you could do what I just did and checkout Leadway's website to get an idea of the type of coverage they offer , below is an extract from the web

MathsChic:


I disagree with you completely. Farmcrowdy owes every single potential investor details of the insurance on the farm they sponsor. It's called customer service. You don't go about sourcing this information yourself, as you'll never get the complete picture from outside of the deal. What's to say what you got from Leadway is what the insurance is about?

Anyways, I sent mails to their managers already and got all the details on the insurance I need to make a decision on my investments with farmcrowdy.

MathsChic:


I disagree with you completely. Farmcrowdy owes every single potential investor details of the insurance on the farm they sponsor. It's called customer service. You don't go about sourcing this information yourself, as you'll never get the complete picture from outside of the deal. What's to say what you got from Leadway is what the insurance is about?

Anyways, I sent mails to their managers already and got all the details on the insurance I need to make a decision on my investments with farmcrowdy.

MathsChic:
Hello All,

I'm sure some of you know about Farmcrowdy already. It's a digital agricultural platform where farm sponsors are able to purchase farms and reap rewards of up to 15% in 5-6months after gestation. Their website is www.farmcrowdy.com. I wrote about them sometime ago.

Now, I have come questions or concerns I'd just like to raise.

I had a chat with their representative online regarding the nature of insurance they provide for invested money. According to them, all monies invested are insured by Leadway Insurance, so investors don't lose money. However, the nature of this insurance is not disclosed. I pressed the representative further and all I got in return was that "this has not happened before". On asking how they intend to cover the loss they'll incur if it does happen, I got no response. I couldn't even elicit a response how this insurance mechanism is structured and how they interpret losses, if they do incur one. Is a loss when they fail to make their desired, expected revenue, or when they make only an insufficient percentage?

Responses from the representative were standard copy-paste responses, with some even repeated for the same questions. I find this a great concern.

I don't know if anyone has heard of Theranos (an american bio-tech coy). They came onto the scene making promises which turned out false. But it took the investigative power of a diligent WSJ journalist to out them. Unfortunately, Nigeria is not such a country gifted with tech journalists who go the distance in their investigations, else wouldn't it be nice to have someone on their case?

I'd love to know what you think of this. We need to get the detail of that insurance with Leadway.

CuteRedd:
I asked them although (thriveagric) not farm crowdy about the issue of fulani herds men and they replied that they incorporated the locals into the farming program hence they have vested interest in it.

Don't know if that's good enough but as you said it's a great initiative.

gamaliel9:
https://nairametrics.com/farmcrowdy-awarded-325000-grant-from-gsma/

small small this thing go become BOOM...I think i will go into agricultural investment platforms,though profits small . They are a bit stable than bitcoin investment platforms that can disappear with your money any day without notice. I need to research more...

naijavital:
http://naijavital.com.ng/2018/03/ex-prn-star-mia-khalifa-reveals-why-she-stopped-acting-adult-films.html/

http://naijavital.com.ng/2018/03/ex-prn-star-mia-khalifa-reveals-why-she-stopped-acting-adult-films.html/

http://naijavital.com.ng/2018/03/ex-prn-star-mia-khalifa-reveals-why-she-stopped-acting-adult-films.html/

http://naijavital.com.ng/2018/03/ex-prn-star-mia-khalifa-reveals-why-she-stopped-acting-adult-films.html/

http://naijavital.com.ng/2018/03/ex-prn-star-mia-khalifa-reveals-why-she-stopped-acting-adult-films.html/

http://naijavital.com.ng/2018/03/ex-prn-star-mia-khalifa-reveals-why-she-stopped-acting-adult-films.html/

http://naijavital.com.ng/2018/03/ex-prn-star-mia-khalifa-reveals-why-she-stopped-acting-adult-films.html/

MathsChic:
Hello All,

I'm sure some of you know about Farmcrowdy already. It's a digital agricultural platform where farm sponsors are able to purchase farms and reap rewards of up to 15% in 5-6months after gestation. Their website is www.farmcrowdy.com. I wrote about them sometime ago.

Now, I have come questions or concerns I'd just like to raise.

I had a chat with their representative online regarding the nature of insurance they provide for invested money. According to them, all monies invested are insured by Leadway Insurance, so investors don't lose money. However, the nature of this insurance is not disclosed. I pressed the representative further and all I got in return was that "this has not happened before". On asking how they intend to cover the loss they'll incur if it does happen, I got no response. I couldn't even elicit a response how this insurance mechanism is structured and how they interpret losses, if they do incur one. Is a loss when they fail to make their desired, expected revenue, or when they make only an insufficient percentage?

Responses from the representative were standard copy-paste responses, with some even repeated for the same questions. I find this a great concern.

I don't know if anyone has heard of Theranos (an american bio-tech coy). They came onto the scene making promises which turned out false. But it took the investigative power of a diligent WSJ journalist to out them. Unfortunately, Nigeria is not such a country gifted with tech journalists who go the distance in their investigations, else wouldn't it be nice to have someone on their case?

I'd love to know what you think of this. We need to get the detail of that insurance with Leadway.

MathsChic:
Hello All,

I'm sure some of you know about Farmcrowdy already. It's a digital agricultural platform where farm sponsors are able to purchase farms and reap rewards of up to 15% in 5-6months after gestation. Their website is www.farmcrowdy.com. I wrote about them sometime ago.

Now, I have come questions or concerns I'd just like to raise.

I had a chat with their representative online regarding the nature of insurance they provide for invested money. According to them, all monies invested are insured by Leadway Insurance, so investors don't lose money. However, the nature of this insurance is not disclosed. I pressed the representative further and all I got in return was that "this has not happened before". On asking how they intend to cover the loss they'll incur if it does happen, I got no response. I couldn't even elicit a response how this insurance mechanism is structured and how they interpret losses, if they do incur one. Is a loss when they fail to make their desired, expected revenue, or when they make only an insufficient percentage?

Responses from the representative were standard copy-paste responses, with some even repeated for the same questions. I find this a great concern.

I don't know if anyone has heard of Theranos (an american bio-tech coy). They came onto the scene making promises which turned out false. But it took the investigative power of a diligent WSJ journalist to out them. Unfortunately, Nigeria is not such a country gifted with tech journalists who go the distance in their investigations, else wouldn't it be nice to have someone on their case?

I'd love to know what you think of this. We need to get the detail of that insurance with Leadway.