First City Monument Bank expands AI-driven agritech services

First City Monument Bank (FCMB) is expanding its agricultural technology strategy to improve financial access and productivity for smallholder farmers in Nigeria. According to the bank’s Agritech Alumni Impact Report covering 2018 to 2026, the institution plans to deploy artificial intelligence-powered advisory platforms that provide real-time guidance in Hausa, Yoruba, and Igbo.

The initiative aims to address significant gaps in the sector, noting that while agriculture accounts for approximately 24 per cent of Nigeria’s GDP, only about 6 per cent of farmers across Africa have access to formal credit. To mitigate these challenges, FCMB is exploring the use of soil data, weather information, and USSD-based mobile platforms to deliver services.

Beyond advisory tools, the bank is expanding its focus to include climate-resilient financing, insurance products, and animal health services. FCMB also intends to support Nigerian agritech startups in their expansion into other African markets, such as Ghana, Kenya, Ethiopia, Uganda, and Côte d’Ivoire.