FCMB Deepens Agritech with AI Advisory in Local Languages

First City Monument Bank has announced an expansion of its agritech strategy, utilizing AI-powered advisory services in major Nigerian languages to enhance access to finance and support for smallholder farmers. According to the bank's Agritech Alumni Impact Report, which spans from 2018 to 2026, FCMB will persist in backing the expansion and growth of innovative AgTech firms that craft solutions throughout the agricultural value chain.

This includes AI-driven platforms that furnish farmers with real-time guidance and assistance in local languages like Hausa, Yoruba, and Igbo. The move follows mounting apprehensions regarding food security, agricultural productivity, and the ongoing marginalization of farmers from mainstream financial systems across Africa. FCMB highlighted that while agriculture constitutes approximately 24 percent of Nigeria's GDP, merely six percent of African farmers presently possess access to formal credit.

The Bank indicated that this persistent credit gap has spurred the creation of wider, more inclusive lending models that harness pertinent AgTech solutions, such as weather data, soil intelligence, and USSD-enabled technology platforms. FCMB's agritech program has transformed from a startup-based competition into a comprehensive ecosystem linking inventors, investors, and development partners.

The strategy underscores a departure from conventional lending towards establishing a "de-risked, data-driven, and sovereign future for food and agriculture in Africa."