FCMB expands AI agritech advisory services

First City Monument Bank (FCMB) announced plans to deepen its agritech strategy by deploying AI-powered advisory services in major Nigerian languages (Hausa, Yoruba, Igbo) to improve access to finance and support for smallholder farmers. The initiative, outlined in its Agritech Alumni Impact Report covering 2018-2026, aims to address food security, agricultural productivity, and the limited access of farmers to formal credit. FCMB noted that agriculture contributes about 24% of Nigeria's GDP, yet only 6% of farmers in Africa have access to formal credit. The bank plans to leverage weather data, soil intelligence, and USSD-enabled platforms, and will expand into climate-resilient financing, bundled insurance, and animal healthcare. It also intends to support Nigerian agritech startups expanding into Uganda, Ghana, Ivory Coast, Ethiopia, and Kenya. The strategy reflects a shift from traditional lending toward a data-driven model. FCMB's agritech initiatives have benefited from partnerships with FMO (Dutch Development Bank), the United Nations Development Programme, and the Mastercard Foundation.