By Abdullahi Lukman
First City Monument Bank (FCMB) is expanding its agritech strategy with artificial intelligence-powered advisory services in major Nigerian languages and increased financing for climate-resilient agriculture.
The bank said the initiative is aimed at improving farm productivity, strengthening food security and bringing more smallholder farmers and agricultural businesses into the formal financial system in Nigeria and other African markets.
According to FCMB’s Agritech Alumni Impact Report covering 2018 to 2026, the bank plans to support the growth of agritech companies developing technology-based solutions across the agricultural value chain.
The planned AI-powered platforms will provide farmers with real-time agricultural advice in Hausa, Yoruba and Igbo, helping them access information tailored to local conditions.
FCMB said the strategy was driven by persistent challenges including low agricultural productivity, food insecurity and limited access to formal credit.
The bank noted that agriculture accounts for about 24 per cent of Nigeria’s Gross Domestic Product, while only about six per cent of farmers across Africa have access to formal credit.
To close the financing gap, FCMB said it was exploring the use of weather information, soil intelligence and USSD-enabled platforms to provide farmers with more targeted financial and agricultural services.
The bank also plans to increase climate-resilient agricultural financing and introduce bundled insurance and animal healthcare solutions to help farmers manage production risks.
FCMB said its agritech programme had evolved from a startup competition into a broader ecosystem linking innovators, investors and development partners across the agricultural value chain.
As part of the expansion, the bank intends to help Nigerian agritech startups enter other African markets, including Uganda, Ghana, Côte d’Ivoire, Ethiopia and Kenya.
FCMB said its approach represented a shift from conventional agricultural lending towards a data-driven model designed to reduce risk and improve access to finance.
The bank’s agritech initiatives have received support from development institutions including FMO and the United Nations Development Programme, while its wider agricultural and youth-focused programmes have involved the Mastercard Foundation.
FCMB said sustained investment in technology, data and innovative financial products would be essential to building a more resilient agricultural sector capable of supporting farmers, businesses and food security across Africa.
