FCMB deepens Agritech with AI Advisory in local languages

First City Monument Bank (FCMB) has announced plans to bolster its agritech strategy by introducing AI-powered advisory services in widely spoken Nigerian languages. This move aims to enhance financial inclusion and support for smallholder farmers. According to FCMB's Agritech Alumni Impact Report, the bank will continue to foster the growth and expansion of innovative AgTech companies, with a focus on AI-driven platforms offering farmers real-time guidance and assistance in local languages such as Hausa, Yoruba, and Igbo.

The initiative addresses critical concerns surrounding food security, agricultural productivity, and the persistent lack of formal financial access for farmers across Africa. Despite agriculture's significant contribution to Nigeria's GDP, only six percent of African farmers currently have access to formal credit. FCMB's long-standing financing gap has spurred the development of more inclusive lending models that utilize AgTech solutions like weather data, soil intelligence, and USSD-enabled technology platforms.

The bank's agritech program has evolved from a competition focused on startups to an extensive ecosystem connecting innovators, investors, and development partners. Upcoming initiatives include climate-resilient agricultural financing, bundled insurance and animal healthcare solutions, and the expansion of Nigerian agritech startups into African markets such as Uganda, Ghana, Côte d’Ivoire, Ethiopia, and Kenya.

FCMB's strategy signifies a shift away from conventional lending practices toward establishing a "de-risked, data-driven, and sovereign future for food and agriculture in Africa." FCMB's AgTech efforts have been bolstered by collaborations with development partners, including FMO and the United Nations Development Programme, as well as partnerships with the Mastercard Foundation on broader agricultural and youth-focused initiatives.