FCMB's agritech evolution uses tech, local languages to bank Nigeria's farms

For decades, Nigerian smallholder farmers struggled to access formal credit due to lack of collateral and data, with only 6% of African smallholders receiving bank loans. First City Monument Bank's agritech program, launched in 2018, has evolved beyond startup identification into a full ecosystem combining weather data, soil intelligence, and mobile platforms to make farming measurable and bankable.

The initiative now prioritizes delivering agricultural technology in Hausa, Yoruba, and Igbo—addressing a key barrier as many farmers operate outside English-speaking digital ecosystems. This localization effort aims to boost adoption, financial inclusion, and productivity simultaneously. FCMB also plans to expand into climate-informed agriculture and bundled insurance solutions protecting farmers from climate shocks that often destroy livelihoods.

Notably, several Nigerian agritech ventures in FCMB's network are positioning for expansion into Uganda and Kenya, signaling a shift from domestic survival to continental export of operational models and services. This reflects a broader African trend where banks recognize that financing farmers requires solving infrastructure and information gaps first.

The challenge remains scaling isolated pilot successes into sustained impact, requiring infrastructure, policy support, digital literacy, and trust-building within farming communities. As agriculture transforms into a technology and economic security conversation, will language-specific agritech solutions finally bridge the financial inclusion gap for Nigeria's vast rural population?

SOURCE: https://dailypost.ng/2026/08/31/nigerian-bank-using-technology-to-reshape-agriculture/