FCMB deploys AI to transform farmer advisory services

First City Monument Bank (FCMB) is expanding its agritech strategy with plans to deploy artificial intelligence-powered advisory services in major Nigerian languages to improve access to information, finance and support for smallholder farmers.

The bank disclosed this in its Agritech Alumni Impact Report covering 2018 to 2026, saying it would continue to support the growth of innovative agricultural technology companies developing solutions across the value chain.

According to the report, some of the platforms will use AI to provide farmers with real-time advisory services in local languages, including Hausa, Yoruba and Igbo.

FCMB said the initiative was aimed at addressing persistent challenges around food security, agricultural productivity and farmers’ limited access to formal financial services.

The bank noted that agriculture accounts for about 24 per cent of Nigeria’s Gross Domestic Product, while only about six per cent of farmers across Africa have access to formal credit.

It said the financing gap was driving the development of more inclusive lending models powered by agritech solutions such as weather data, soil intelligence and USSD-enabled platforms.

FCMB said its agritech programme had evolved from a startup-focused competition into a broader ecosystem linking innovators, investors and development partners.

The bank said its next phase would focus on climate-resilient agricultural financing, bundled insurance and animal healthcare solutions, as well as helping Nigerian agritech startups expand into other African markets.

The targeted markets include Uganda, Ghana, Côte d’Ivoire, Ethiopia and Kenya.

FCMB said the strategy was designed to move beyond traditional lending towards what it described as “a de-risked, data-driven, and sovereign future for food and agriculture in Africa.”

The bank said its agritech initiatives had benefited from partnerships with development organisations, including FMO and the United Nations Development Programme.

It has also collaborated with the Mastercard Foundation on wider agricultural and youth-focused programmes.