First City Monument Bank (FCMB) has unveiled plans to expand its agritech strategy by deploying artificial intelligence-powered advisory services in major Nigerian languages to improve access to finance and support for smallholder farmers.
The initiative is part of the bank’s broader efforts to promote agricultural innovation and financial inclusion by supporting technology-driven solutions across Nigeria’s agricultural value chain.
According to FCMB’s Agritech Alumni Impact Report covering 2018 to 2026, the bank plans to continue backing innovative AgTech companies developing solutions that address key challenges in agriculture. These include AI-powered platforms capable of providing farmers with real-time advice and support in Hausa, Yoruba and Igbo.
The move comes amid increasing concerns over food security, low agricultural productivity and the limited access of farmers to formal financial services across Africa.
FCMB said agriculture accounts for about 24 per cent of Nigeria’s Gross Domestic Product (GDP), while only about six per cent of farmers across Africa have access to formal credit.
The bank said the persistent financing gap has influenced its efforts to develop more inclusive lending models that combine financial services with relevant agricultural technologies, including weather data, soil intelligence and USSD-enabled platforms.
According to the report, FCMB’s agritech programme has evolved from a startup-focused competition into a wider ecosystem designed to connect innovators, investors and development partners.
The bank said its next phase will focus on climate-resilient agricultural financing, bundled insurance and animal healthcare solutions, as well as supporting Nigerian agritech startups seeking to expand into other African markets.
Countries identified for potential expansion include Uganda, Ghana, Côte d’Ivoire, Ethiopia and Kenya.
FCMB said the strategy represents a shift away from conventional lending towards creating what it described as a “de-risked, data-driven, and sovereign future for food and agriculture in Africa.”
Over the years, the bank’s AgTech initiatives have benefited from partnerships with development organisations, including FMO and the United Nations Development Programme. FCMB has also collaborated with the Mastercard Foundation on wider agricultural and youth-focused programmes.
