Some Nigerian agricultural technology companies supported by First City Monument Bank (FCMB) are looking to expand their businesses into other African countries.
This was revealed in FCMB’s latest AgriTech Alumni Impact Report, which highlighted the progress made by some of the startups supported through the bank’s agritech programme.
According to the report, companies such as AgroCist and Crop2Cash have shown that their technology and business ideas can work beyond Nigeria and could be introduced to farmers in other African countries.
FCMB started its agritech programme in 2018 to support businesses using technology to solve problems in agriculture. Over the years, the programme has moved beyond helping startups get funding to supporting businesses that can grow and become strong enough to attract more investment.
Crop2Cash was the first winner of the programme. The company developed a USSD-based platform that helps farmers, especially those without access to regular banking services, gain easier access to financial services.
The programme has since grown through partnerships with innovation hubs, development finance organisations and other groups that support startups.
FCMB said it is also looking at new ways to help farmers beyond traditional loans. These include using weather information, soil data and other digital tools to help farmers make better decisions, reduce risks and improve their farm output.
The bank also said there is growing interest in farming methods that are better for the environment, including climate-smart and regenerative agriculture.
FCMB noted that these efforts are aimed at improving food production, creating better opportunities for farmers and supporting people living in rural communities.
Development partners involved in the programme include FMO, the Mastercard Foundation and UNDP.
The bank said it plans to continue supporting agricultural technology businesses that can grow in Nigeria and eventually expand to other parts of Africa.
