FCMB, Mastercard launch platform to boost farmers’ access to loans

First City Monument Bank (FCMB) and Mastercard have launched a digital platform to help smallholder farmers in Nigeria access financing, agricultural inputs and wider markets.

The platform, known as AgroPass, connects farmers with lenders, buyers, input suppliers and other agricultural businesses to improve productivity, strengthen financial inclusion and expand business opportunities across the agricultural value chain.

Launched in Lagos last Thursday, the platform was developed by Mastercard in partnership with FCMB, which is expected to leverage its banking network and presence in farming communities to extend its reach to farmers nationwide.

Speaking at the launch, FCMB Managing Director, Yemisi Edun, represented by the Executive Director, Wholesale Banking, Obaro Odeghe, said supporting farmers required more than providing loans.

“Supporting farmers means more than offering credit. It is about building connections to finance, markets, technology, knowledge and opportunity,” she said.

Edun said AgroPass would help farmers become more productive, resilient and commercially successful by bridging gaps in access to essential services.

She disclosed that FCMB provided more than N364.6 billion in financing to Nigeria’s agricultural sector in 2025 and supported over 196,000 smallholder farmers across the country. Nearly half of the beneficiaries were women and young people.

Agriculture contributes more than 20 per cent of Nigeria’s Gross Domestic Product and provides employment for a significant proportion of the population.

However, many smallholder farmers continue to struggle to obtain affordable financing, quality farm inputs, technical support and access to reliable markets.

To address these challenges, FCMB said it had adopted a value-chain financing model that supports different players in the sector, including seed companies, input suppliers, farmers, processors, distributors and exporters.

The bank’s Divisional Head of Agribusiness and Non-Oil Exports, Kudzai Gumunyu, said the approach was helping to improve agricultural productivity, increase exports and create economic opportunities in rural communities.

Also speaking, Mastercard’s Executive Vice President, Growth Segments, Tara Nathan, said many smallholder farmers across Africa remained disconnected from services and opportunities needed to grow their businesses.

She said AgroPass would connect farmers to financial services, suppliers, buyers and digital tools to improve productivity and resilience.

Nathan added that the partnership with FCMB would help create a more connected agricultural ecosystem, enabling farmers to strengthen their businesses and participate more fully in the economy.

The platform is expected to improve the transparency and efficiency of agricultural transactions, help farmers manage their businesses and connect them to new markets.

The initiative forms part of the two organisations’ efforts to promote financial inclusion, strengthen food security and support sustainable rural development through technology and partnerships.