First City Monument Bank (FCMB) has unveiled plans to deepen its agritech strategy by deploying artificial intelligence-powered advisory services in major Nigerian languages to improve access to finance, information and support for smallholder farmers.
The bank disclosed this in its Agritech Alumni Impact Report covering 2018 to 2026, stating that it would continue to support the growth and expansion of innovative agricultural technology companies developing solutions across the agricultural value chain.
According to FCMB, the planned AI-powered platforms will provide farmers with real-time agricultural advisory and support in local languages, including Hausa, Yoruba and Igbo.
The initiative is coming amid concerns over food security, low agricultural productivity and the limited access of farmers across Africa to formal financial services.
FCMB noted that agriculture accounts for about 24 per cent of Nigeria’s Gross Domestic Product, while only six per cent of farmers across Africa currently have access to formal credit.
The bank said the persistent financing gap had reinforced the need for more inclusive lending models that leverage agricultural technology, including weather data, soil intelligence and USSD-enabled platforms.
The report said FCMB’s agritech programme had evolved from a startup-focused competition into a broader ecosystem connecting innovators, investors and development partners across the agricultural sector.
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The bank said its next phase would focus on climate-resilient agricultural financing, bundled insurance and animal healthcare solutions, while supporting Nigerian agritech startups seeking to expand into other African markets.
The targeted markets include Uganda, Ghana, Côte d’Ivoire, Ethiopia and Kenya.
FCMB said the strategy represents a shift from traditional lending towards building what it described as “a de-risked, data-driven, and sovereign future for food and agriculture in Africa.”
The bank’s agritech 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 broader agricultural and youth-focused interventions as part of efforts to expand opportunities within Nigeria’s agricultural ecosystem.
