FCMB-backed Agritech startups target expansion into East Africa
Nigerian agritech startups supported by First City Monument Bank are preparing to expand into other African markets as part of a broader push to scale homegrown agricultural technology solutions across the continent. FCMB noted in its AgriTech Alumni Impact Report that ventures such as AgroCist and Crop2Cash have demonstrated the potential to scale their solutions […] FCMB-backed Agritech…
First City Monument Bank (FCMB) is backing Nigerian agritech startups in their efforts to expand into East African markets, as part of a strategy to scale agricultural technology solutions across the continent. In its AgriTech Alumni Impact Report, FCMB outlined how its agritech program, launched in 2018, has evolved into an "Impact Era" driven by investment-ready, commercially viable agricultural businesses.
The program began with Crop2Cash, the first winner, which introduced a USSD-based platform to provide financial tools to unbanked farmers. FCMB's approach now encompasses a range of digital tools, such as weather data and soil information, to improve agricultural decision-making and productivity. The bank has also forged partnerships with innovation hubs, development finance institutions, and startup enablers to facilitate expansion.
Moreover, FCMB emphasizes the importance of climate-conscious agriculture, regenerative farming practices, and ecosystem partnerships to boost food security and rural livelihoods. Development partners backing the program include FMO, the Mastercard Foundation, and UNDP. FCMB remains committed to investing in user-centric agricultural innovation that can be scaled beyond Nigeria's borders.
Written by urgent.news from Daily Post Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
