Key Points
- FCMB plans to deploy AI-powered agricultural advisory services in Hausa, Yoruba and Igbo.
- The bank is expanding climate-resilient financing, insurance and other risk-management solutions for farmers.
- FCMB will support Nigerian agritech startups seeking to expand into other African markets.
Main Story
First City Monument Bank (FCMB) is expanding its use of technology in agriculture as it seeks to improve access to finance, strengthen farm productivity and help farmers manage climate-related risks.
The bank said its next phase of agritech development would include artificial intelligence-powered platforms capable of providing farmers with real-time agricultural guidance in major Nigerian languages.
The services are expected to support farmers in Hausa, Yoruba and Igbo, making digital agricultural information more accessible to smallholder farmers who may face barriers to using conventional financial and advisory services.
The initiative was outlined in FCMB’s Agritech Alumni Impact Report covering 2018 to 2026.
According to the report, the bank will continue supporting agritech companies developing technology across different parts of the agricultural value chain.
FCMB said the strategy was driven by persistent challenges affecting food security and agricultural productivity, as well as the limited access many farmers have to formal financial services.
The bank noted that agriculture accounts for about 24 per cent of Nigeria’s GDP, while only about six per cent of farmers across Africa have access to formal credit.
It said the financing gap highlighted the need for lending models that use technology and agricultural data to improve farmers’ access to capital while helping financial institutions better understand and manage agricultural risks.
FCMB said it was exploring the use of weather information, soil data and USSD-based platforms to provide farmers with financial and agricultural services suited to their circumstances.
The bank’s agritech programme has also expanded beyond its original focus on startups, evolving into an ecosystem that brings together innovators, investors and development partners working across agriculture.
In its next phase, FCMB plans to increase financing for climate-resilient agriculture while introducing bundled insurance and animal healthcare solutions to help farmers manage production risks.
The bank also intends to support Nigerian agritech companies seeking to enter markets including Uganda, Ghana, Côte d’Ivoire, Ethiopia and Kenya.
FCMB said the approach represented a move away from conventional agricultural lending towards a more data-driven model designed to reduce risks and broaden participation in the agricultural economy.
The bank’s agritech initiatives have received support through partnerships with development institutions including FMO and the United Nations Development Programme. Its wider agricultural and youth-focused programmes have also involved the Mastercard Foundation.
The Issues
Limited access to finance remains a major constraint for farmers, while climate-related risks can make agricultural lending difficult for financial institutions.
FCMB’s approach seeks to address both challenges by combining agricultural data, digital advisory services, financing and risk-management products.
The strategy also targets the language and technology barriers that can prevent smallholder farmers from benefiting from formal financial and agricultural services.
What’s Being Said
FCMB said technology, data and innovative financial products would be important to developing a more resilient agricultural sector.
The bank said its focus would be on creating solutions that support farmers and agricultural businesses while improving food security and expanding access to formal finance.
What’s Next
FCMB plans to expand its AI-powered advisory services, climate-resilient financing and related agricultural risk-management products.
It will also continue supporting agritech startups and helping Nigerian companies develop opportunities in other African markets.
Bottom Line
FCMB is combining AI, agricultural data and innovative financing to broaden support for Nigerian farmers, with its next phase focused on local-language advisory services, climate-resilient lending and the expansion of Nigerian agritech solutions across Africa.
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