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First City Monument Bank (FCMB) is expanding its agritech strategy with plans to deploy artificial intelligence-powered advisory services in major Nigerian languages, targeting improved access to agricultural knowledge, finance and support for smallholder farmers.
The initiative is contained in the bank’s Agritech Alumni Impact Report covering 2018 to 2026, which outlines the next phase of its support for technology-driven businesses across Nigeria’s agricultural value chain.
AI to Deliver Real-Time Farm Advice
Under the new strategy, FCMB plans to support AgTech companies developing AI-powered platforms capable of providing farmers with real-time guidance in Hausa, Yoruba and Igbo.
The bank believes the use of local languages can help reduce some of the barriers preventing farmers from benefiting from digital agricultural services, particularly where language and digital accessibility limit the usefulness of conventional platforms.
The planned solutions are expected to complement technologies such as weather data, soil intelligence and USSD-enabled platforms, creating more accessible tools for farmers while also helping financial institutions make better-informed lending decisions.
Credit Gap Remains a Major Challenge
FCMB’s push comes against a persistent financing gap in African agriculture.
According to the bank, agriculture contributes approximately 24% of Nigeria’s GDP, yet only about 6% of farmers across Africa have access to formal credit.
The disparity has made access to finance one of the major obstacles confronting smallholder farmers, while limited agricultural data can make it difficult for lenders to accurately assess risks associated with farming activities.
FCMB said the financing gap is influencing its efforts to develop broader lending models that incorporate relevant agricultural technology and data.
From Startup Competition to Agritech Ecosystem
The bank’s agritech programme has also evolved beyond its original focus on startups.
FCMB said the initiative has developed into a broader ecosystem linking AgTech innovators, investors and development partners, with the objective of helping promising agricultural technology businesses move from early-stage innovation towards sustainable growth.
The approach places technology at the centre of efforts to address challenges across different parts of the agricultural value chain.
Climate Finance, Insurance and Healthcare Next
FCMB’s next phase will extend beyond digital advisory services.
The bank plans to support climate-resilient agricultural financing, bundled insurance solutions and animal healthcare initiatives.
It also intends to help Nigerian agritech startups expand into other African markets, including Uganda, Ghana, Côte d’Ivoire, Ethiopia and Kenya.
The expansion could give Nigerian AgTech companies an opportunity to test and scale their solutions across markets facing similar challenges around agricultural productivity, climate risks and financial inclusion.
Development Partners Support Programme
FCMB’s agritech initiatives have involved partnerships with development organisations, including the Dutch Entrepreneurial Development Bank (FMO) and the United Nations Development Programme (UNDP).
The bank has also collaborated with the Mastercard Foundation on wider initiatives focused on agriculture and young people.
These partnerships have helped broaden the programme beyond conventional banking and towards technology, capacity building and ecosystem development.
Moving Beyond Traditional Agricultural Lending
FCMB said its strategy represents a move away from conventional lending towards a more data-driven approach to agricultural finance.
By combining AI advisory tools, agricultural data, digital financial services and risk-management products, the bank is seeking to create a system where farmers can receive relevant information while lenders gain better visibility into agricultural activities.
For Nigeria’s agriculture sector, the broader objective is to make technology more useful at the farm level while addressing the financing constraints that continue to limit productivity and inclusion.
The bank’s latest plans therefore position AI and local-language technology as emerging tools in the push to make agricultural finance and advisory services more accessible to Nigeria’s smallholder farmers.
