FCMB, Mastercard launch digital platform to expand farmers’ financing

First City Monument Bank (FCMB) and Mastercard have introduced AgroPass, a digital platform aimed at enhancing financing, market access, and agricultural services for smallholder farmers in Nigeria. The platform, developed by Mastercard, connects farmers with various stakeholders in the agricultural value chain, including input suppliers, buyers, lenders, and agribusinesses, with the goal of boosting financial inclusion and increasing productivity in Nigeria's vital agricultural sector.

FCMB's Managing Director, Yemisi Edun, confirmed that N364.6 billion ($236 million) was provided in financing to Nigeria's agricultural sector last year, supporting over 196,000 smallholder farmers nationwide, with nearly half of them being women and young people. FCMB's Agribusiness and Non-Oil Exports Divisional Head, Kudzai Gumunyu, emphasized that the platform is strengthening agricultural productivity, increasing exports, and creating economic opportunities in rural communities.

Tara Nathan, Executive Vice President of Growth Segments at Mastercard, noted that the platform will improve the efficiency of agricultural transactions and help farmers gain access to new markets, thereby contributing to food security and sustainable rural development in Nigeria.