Innovation for Smallholder
Farmers in Latin America
Digital Savings & Credit for Smallholder Farmers
Company Background
Sommos (by PQ Latam Inc.) offers digital tools to help individuals and groups—especially smallholder farmers—manage savings, build credit history, and access loans via partner institutions. Operating across Bolivia and Peru, Sommos also builds customized “last-mile” platforms for financial institutions to reach underserved base-of-the-pyramid segments.
Our Product
The company’s flagship pilot, Sommos Agrosavings, enables farmers to:
- Program savings plans, either individually or collectively, for shared projects
- Build a transparent credit history via saving behavior, unlocking loans from Sommos’s financial partners
- Access a marketplace offering discounted rates on agricultural goods and services
Under this agtech project, Sommos aims to:
- Conduct UX research to refine product design for rural users
- Develop an alternative credit scoring model based on farmers’ savings patterns
- Launch an AI-powered WhatsApp bot and Mobile App for improved accessibility
- Secure retailer partnerships and integrate a marketplace offering critical on farm inputs and tools
What Our Users Say
“Reaching my savings goal was easy with my group of friends.”
— Female user of Sommos
This project is supported by Incofin Foundation, with funding from IDB Lab
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This Project is financed under the project “Innovation in Ag Tech and Digital Agriculture for Small Farmers” funded by the Inter-American Development Bank, as administrator of the Multilateral Investment Fund (IDB Lab)”. This Project is also financed under the Smallholder Sustainability Upscaling Programme (“SSNUP”) funded by the Ministry of Foreign and European Affairs of Luxembourg, the Swiss Agency for Development and Cooperation (“SDC”) and the Liechtenstein Development Service (“LED”) and is coordinated by Appui au développement autonome a.s.b.l. (“ADA”)”.
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