Follow Us on Google
Nigerian agritech startups supported by First City Monument Bank (FCMB) are preparing to expand into other African markets, as the bank seeks to scale homegrown agricultural technology solutions across the continent. FCMB disclosed this in its AgriTech Alumni Impact Report, which highlighted ventures such as AgroCist and Crop2Cash as examples of Nigerian startups with the potential to take their solutions beyond the domestic market.
The report traced the evolution of FCMB’s agritech programme from its launch in 2018 to what the bank described as its current “Impact Era”, focused on building commercially viable and investment-ready agricultural businesses.
Crop2Cash emerged as the inaugural winner of the programme with a USSD-based platform designed to give unbanked farmers easier access to financial services and tools.
Since then, the programme has grown through partnerships with innovation hubs, development finance institutions and startup support organisations, providing agritech businesses with access to funding, expertise and market opportunities.
FCMB said its approach to agricultural technology is also expanding beyond traditional lending, with greater attention being paid to digital tools that can help farmers and other players in the agricultural value chain make better decisions.
The bank identified weather data, soil information and other technology-driven solutions as important tools for managing risks, improving farm productivity and making agricultural financing more effective.
Other News
It also pointed to growing interest in climate-conscious agriculture and regenerative farming practices, as well as partnerships across the agricultural ecosystem aimed at improving food security and rural livelihoods.
Development partners supporting the programme include FMO, the Mastercard Foundation and the United Nations Development Programme (UNDP).
According to the report, FCMB plans to continue supporting user-focused agricultural innovations that can grow beyond Nigeria and serve farmers and businesses in other African markets.
The bank said the experience of its agritech programme shows that Nigerian startups can develop solutions capable of addressing agricultural challenges across the continent.
The planned expansion into East Africa would therefore give the startups access to new markets while allowing them to adapt their technologies to the needs of farmers and agricultural businesses in other African countries.
FCMB said it would continue to support the development of technology-driven agricultural businesses as part of efforts to strengthen food systems, improve access to finance and create sustainable opportunities in rural communities.
