FCMB deepens agritech with AI advisory in local languages

First City Monument Bank (FCMB) is expanding its agritech strategy through the use of AI-powered advisory services in local Nigerian languages. This initiative is aimed at enhancing access to finance and support for smallholder farmers. In the Agritech Alumni Impact Report from 2018 to 2026, FCMB committed to supporting the growth and scale-up of AgTech companies that develop solutions throughout the agricultural value chain, including AI-driven platforms that offer farmers real-time advice and assistance in languages like Hausa, Yoruba, and Igbo.

The move comes as food security, agricultural productivity, and the exclusion of farmers from formal financial systems in Africa continue to be pressing concerns. While agriculture accounts for approximately 24% of Nigeria's GDP, only 6% of African farmers currently have access to formal credit. FCMB highlighted this longstanding financing gap as a driving force behind the development of inclusive lending models that incorporate relevant AgTech solutions, such as weather data, soil intelligence, and USSD-enabled technology platforms.

The Agritech programme, which has grown from a startup competition to a comprehensive ecosystem connecting innovators, investors, and development partners, will now focus on climate-resilient agricultural financing, bundled insurance and animal healthcare solutions, and the expansion of Nigerian agritech startups into other African markets including Uganda, Ghana, Côte d’Ivoire, Ethiopia, and Kenya.

This strategy reflects a shift from traditional lending to a data-driven and sovereign future for food and agriculture in Africa.