FCMB Deepens Agritech with AI Advisory in Local Languages

First City Monument Bank (FCMB) is set to enhance its agritech strategy by introducing AI-powered advisory services delivered in major Nigerian languages. This move aims to significantly improve access to finance and crucial support for smallholder farmers across the country.

The bank's Agritech Alumni Impact Report, covering 2018 to 2026, outlines plans to bolster innovative AgTech companies developing solutions throughout the agricultural value chain. These include AI platforms offering farmers real-time advice and support in local languages like Hausa, Yoruba, and Igbo.

This initiative arrives amidst growing concerns about food security, agricultural productivity, and the persistent exclusion of farmers from formal financial systems in Africa. Despite agriculture contributing approximately 24 percent to Nigeria's GDP, only about six percent of African farmers currently access formal credit, a gap FCMB seeks to address with inclusive lending models.

FCMB's evolving strategy moves beyond traditional lending, focusing on building a "de-risked, data-driven, and sovereign future for food and agriculture in Africa." The bank's agritech program has expanded from a startup competition into a comprehensive ecosystem connecting innovators, investors, and development partners, utilizing technologies like weather data, soil intelligence, and USSD-enabled platforms.