Riches Attai

Riches Attai spent his childhood summers breathing in the earthy scent of Nigerian soil. His grandparents were smallholder farmers, who would often lament a local proverb passed down through the ages: “Monkey dey work Baboon dey chop”, which translates to “The farmer does the work, the middleman takes the profit.”  These words resonated deeply with Riches, shaping what was soon to become a journey of elevating the livelihoods of farmers across Africa.

His entrepreneurial spirit kicked off early. During his university years, Riches and his college roommate, the tech-savvy Chichebem Jibunoh (CJ), launched Attai’s Beans. Their goal was simple – offer high-quality, preservative-free packaged beans to Nigerian consumers.  However, their objective soon collided with the harsh realities of the market. The long chain of middlemen inflated the cost of acquiring beans, squeezing their profit margins and ultimately forcing them to shut shop. This experience was a stark wake-up call. While the duo was trying to empower farmers by offering a premium product, the very system they were operating within was marginalizing them.

Determined to find a solution that addressed the root cause, Riches and CJ teamed up with Winner Attai, a seasoned supply chain expert. Together, in 2020, they birthed Winich Farms – an agritech platform specifically designed to tackle the pain points plaguing Nigeria’s agricultural sector.

Winich Farms operates on two key pillars: market access and financial empowerment, successfully operating at the intersection of agritech, embedded finance, and financial inclusion. They created a digital marketplace, a virtual bridge connecting farmers directly with off-takers like factories and retailers. By cutting out the middleman, farmers receive a significantly fairer share for their produce.

The impact is undeniable. A 2023 survey conducted by Winich Farms revealed a staggering 93% of their farmers reported an increase in income by over 50% through the platform. This translates to better lives, not just for the farmers themselves, but for their families and communities.

Financial inclusion is the other crucial piece of the puzzle. Winich Farms understands that many smallholder farmers lack access to traditional banking services. Through their platform, farmers can access credit and insurance, allowing them to invest in better seeds, fertilizers, and irrigation techniques. This leads to increased yields and helps them become more resilient in the face of unpredictable weather patterns. Some 65% of surveyed farmers even said that Winich has made them more climate-resilient.

Winich Farms’ impact extends beyond the farmers themselves. They offer off-takers like retailers and factories an Enterprise Resource Planning (ERP) software, streamlining their business operations and improving inventory management. Additionally, they provide real-time tracking of produce, ensuring transparency throughout the supply chain.

With over 80,000 users across the platform, Winich Farms is actively transforming agriculture in 25 Nigerian states. Their vision extends beyond Nigeria, with plans for expansion into East Africa. Riches’ ambition is clear: “We’re building a system that makes the informal food supply chain more efficient. Our goal is to become so essential that, in five years, taking Winich out of the equation would truly be felt across the market.”

“Winich Farms operates at the intersection of agritech and financial inclusion, which is why it perfectly aligns with our investment thesis,” General Partner at Acasia Ventures Biola Alabi says. “With Riches’ deep-rooted connection to agriculture, Chichebem’s technical expertise, and Winner’s operational experience, they offer a powerful combination. Their experience as second-time founders further demonstrates their commitment to overcoming challenges and building a sustainable business.”