FCMB Unveils AI-Powered Agritech Strategy to Expand Farmer Access to Finance

First City Monument Bank (FCMB) is set to deepen its investment in agricultural technology by deploying artificial intelligence-powered advisory services in major Nigerian languages, in a move aimed at improving support for smallholder farmers and expanding their access to formal finance. The initiative is part of the bank’s broader agritech strategy outlined in its Agritech Alumni Impact Report, 2018–2026 , which details the evolution of its agricultural technology programme and its plans to support the next generation of innovative businesses across the agricultural value chain. Under the strategy, FCMB said it would continue backing innovative AgTech companies developing technology-driven solutions for farmers, including AI-powered platforms capable of providing real-time agricultural advice and support in local languages such as Hausa, Yoruba and Igbo. The move comes as food security, low agricultural productivity and limited access to formal financial services continue to pose significant challenges across Nigeria and the wider African continent. Tackling the agricultural finance gap FCMB said the need for technology-driven agricultural financing is underscored by the disparity between agriculture’s contribution to the Nigerian economy and farmers’ access to formal credit. According to the bank, agriculture accounts for about 24 per cent of Nigeria’s Gross Domestic Product (GDP), yet only six per cent of farmers across Africa currently have access to formal credit. The financing gap has remained a major constraint on the ability of smallholder farmers to invest in improved seeds, equipment, irrigation, storage and other inputs required to raise productivity. FCMB said the challenge is influencing the development of more inclusive lending models that combine financial services with relevant agricultural technology. These solutions include weather data, soil intelligence and USSD-enabled platforms, which can help financial institutions and agribusinesses better understand farmers’ activities, assess risks and deliver services to communities that may have limited access to smartphones, reliable internet connectivity or conventional banking infrastructure. From competition to agricultural ecosystem The bank's report said its agritech programme has evolved considerably since its launch, moving beyond a startup-focused competition to become a broader ecosystem connecting innovators, investors and development partners. The shift reflects growing recognition that technology alone may not be sufficient to address structural challenges in Africa’s agricultural sector. By connecting agritech startups with financial institutions, investors and development organisations, FCMB said it aims to create an environment where promising agricultural technologies can move from pilot projects to scalable commercial solutions. The bank's approach also places greater emphasis on data as a tool for reducing the risks associated with agricultural lending. Access to reliable information on weather conditions, soil quality, farm activity and other factors can potentially give lenders a clearer picture of farmers’ circumstances while enabling more tailored financial products. Climate finance, insurance and animal healthcare FCMB’s next phase of its agritech strategy is expected to extend beyond conventional agricultural lending. The bank identified climate-resilient agricultural financing, bundled insurance products and animal healthcare solutions among its planned areas of expansion. Climate-resilient financing is becoming increasingly important as farmers contend with unpredictable weather conditions and other climate-related risks that can affect yields and income. The integration of insurance with financial products could also help protect farmers and lenders against losses arising from adverse weather and other agricultural risks. At the same time, animal healthcare solutions could support farmers involved in livestock production by providing access to services designed to improve animal health and reduce losses. Nigerian agritech firms eye African expansion FCMB also plans to support the expansion of Nigerian agritech startups into other African markets. Countries identified in the bank’s strategy include Uganda, Ghana, Côte d’Ivoire, Ethiopia and Kenya. The planned expansion could give Nigerian agritech companies access to larger markets while allowing them to adapt locally developed agricultural technologies to different farming environments across the continent. FCMB said the strategy reflects a shift away from conventional banking towards building “a de-risked, data-driven, and sovereign future for food and agriculture in Africa.” The emphasis on a data-driven agricultural ecosystem is particularly significant as financial institutions increasingly explore alternative ways of assessing smallholder farmers who may lack conventional credit histories or sufficient collateral. Development partnerships strengthen programme FCMB’s agritech initiatives have also been supported through partnerships with international development organisations. The bank has collaborated with development finance institution FMO and the United Nations Development Programme (UNDP), while its broader agricultural and youth-focused interventions have included work with the Mastercard Foundation. Such partnerships have helped broaden the scope of FCMB’s agricultural interventions by bringing together financing, technology, capacity building and development expertise. With the latest strategy, the bank is positioning agritech not merely as a technology investment but as part of a wider effort to address agricultural financing, productivity and food security. If successfully scaled, the deployment of AI advisory services in Hausa, Yoruba and Igbo could also help reduce one of the barriers to technology adoption among smallholder farmers by allowing them to access agricultural information in languages they use daily. For FCMB, the strategy represents an attempt to bridge the gap between financial services and agricultural technology while supporting Nigerian innovators to develop solutions capable of serving farmers both at home and across Africa.