First City Monument Bank (FCMB) is deepening its agritech strategy by deploying artificial intelligence-powered advisory services in major Nigerian languages and expanding climate-resilient financing for farmers and agricultural businesses.
The initiative is part of the Bank’s broader strategy to improve agricultural productivity, strengthen food security and expand access to formal finance for smallholder farmers across Nigeria and other African markets.
According to the bank’s Agritech Alumni Impact Report covering 2018 to 2026, the Bank will continue to support the growth and scale-up of innovative AgTech companies developing solutions across the agricultural value chain.
The Bank said its focus would include AI-powered platforms that provide farmers with real-time agricultural advice and support in local languages, including Hausa, Yoruba and Igbo.
It also disclosed the move was driven by persistent challenges around food security, agricultural productivity and the exclusion of millions of farmers from formal financial services.
The Bank noted that agriculture contributes about 24 per cent of Nigeria’s Gross Domestic Product (GDP), while only about six per cent of farmers across Africa currently have access to formal credit.
It said the financing gap had reinforced the need for more inclusive lending models that leverage technology and agricultural data to improve access to credit and reduce farming-related risks.
According to the report, FCMB is exploring the use of weather data, soil intelligence and USSD-enabled technology platforms to provide farmers with more relevant financial and agricultural support.
The Bank said its agritech programme had also evolved from a startup-focused competition into a broader ecosystem connecting innovators, investors and development partners across the agricultural value chain.
As part of its next phase, FCMB plans to expand climate-resilient agricultural financing, alongside bundled insurance and animal healthcare solutions designed to address some of the major risks facing farmers.
The Bank also plans to support the expansion of Nigerian agritech startups into other African markets, including Uganda, Ghana, Côte d’Ivoire, Ethiopia and Kenya.
FCMB said the strategy represents a shift from traditional lending towards building what it described as a “de-risked, data-driven, and sovereign future for food and agriculture in Africa.”
The Bank’s agritech initiatives have, over the years, benefited from partnerships with development institutions, including FMO and the United Nations Development Programme, while its broader agricultural and youth-focused interventions have also involved the Mastercard Foundation.
FCMB said that continued investment in technology, data, and innovative financial solutions would be critical to building a more resilient agricultural sector capable of supporting farmers, businesses, and food security across Africa.
