First City Monument Bank (FCMB) is expanding its agricultural technology strategy with plans to introduce artificial intelligence-powered advisory services that could give Nigerian farmers access to farming information in Hausa, Yoruba and Igbo.
The initiative is part of the bank’s broader effort to use technology to improve agricultural productivity, strengthen financial inclusion and support smallholder farmers who often struggle to access reliable information and formal credit.
According to FCMB’s Agritech Alumni Impact Report covering 2018 to 2026, the bank intends to continue supporting agricultural technology companies developing solutions across the farming value chain. Some of these solutions are expected to use AI to provide farmers with real-time advice in languages that are more familiar to them.
The planned approach is significant because access to agricultural information remains a major challenge for many smallholder farmers, particularly those operating in rural communities where digital services are often designed primarily for English-speaking users.
How FCMB’s AI Farming Plan Could Help Farmers
For a farmer, the value of an AI advisory platform is not simply about having another mobile application. The real opportunity is access to useful information at the point when a farming decision needs to be made.
FCMB’s agritech strategy includes the use of technologies such as weather data, soil intelligence and USSD-enabled platforms. These tools could help farmers make more informed decisions about planting, farm management and other activities while reducing some of the barriers created by limited internet access or digital literacy.
The inclusion of Hausa, Yoruba and Igbo could make the technology more accessible to a much wider group of farmers. Instead of depending entirely on English to understand digital agricultural services, farmers could receive advice in languages they already use in their daily lives.
However, the effectiveness of such a system will depend heavily on the quality of its agricultural data and how accurately the AI understands and communicates local languages. Farming advice must also reflect local weather conditions, soil characteristics, crops and farming practices if it is to provide meaningful value.
FCMB’s existing agribusiness strategy already includes support for agritech startups through initiatives such as hackathons, grants, incubation and mentorship. The bank says its agricultural services are designed to support farmers, agripreneurs, processors, exporters and other participants across the agricultural value chain.
Why AI and Local Languages Matter for Nigerian Agriculture
Nigeria’s agricultural sector remains central to the country’s economy, but farmers continue to face challenges ranging from limited financing to changing weather conditions and inadequate access to timely technical information.
FCMB cited agriculture as contributing about 24 per cent of Nigeria’s GDP, while only about six per cent of farmers across Africa have access to formal credit. The financing gap makes it difficult for many smallholders to purchase inputs, expand their farms or invest in technologies that could improve productivity.
This is where the bank’s technology-driven approach becomes particularly important.
By combining agricultural information with financial services, lenders can potentially gain a better understanding of farming activities and the risks faced by farmers. Weather information, soil data and digital records could eventually contribute to lending models that are better suited to agricultural cycles.
FCMB has previously integrated agritech solutions into its Banking-as-a-Service platform. Its 2023 annual report stated that 10 agritech solutions had been integrated, while the bank’s micro-lending business had onboarded nearly 62,000 clients through that programme. FCMB’s 2023 Annual Report
The new AI direction therefore appears to be an extension of an agricultural technology strategy that has been developing for several years.
Back Story: FCMB’s Agritech Strategy Is Moving Beyond Lending
FCMB’s agritech programme began as a startup-focused initiative but has developed into a broader ecosystem connecting agricultural technology companies with investors, development partners and financial institutions.
The bank’s latest strategy also points towards climate-resilient agricultural financing, insurance and other risk management solutions. FCMB is further looking at opportunities to support Nigerian agritech companies seeking to expand into markets including Uganda, Ghana, Côte d’Ivoire, Ethiopia and Kenya.
This broader direction reflects a growing understanding that improving agriculture requires more than simply providing farmers with loans. Farmers need access to information, markets, technology, insurance and financial services that fit the realities of their businesses.
FCMB has also worked with development organisations including FMO, the United Nations Development Programme and the Mastercard Foundation on agricultural and youth-focused initiatives. The bank’s earlier partnership with FMO included support for scalable early-stage agritech businesses in Nigeria.
For Nigerian farmers, the most important test will be what happens when these technologies reach the field. If AI can deliver accurate and timely advice in Hausa, Yoruba and Igbo, while also connecting farmers to appropriate financial products, it could make digital agriculture more practical for communities that have historically been underserved.
For now, FCMB’s plan represents another sign that artificial intelligence is moving beyond banking and into the everyday decisions that shape how food is produced in Nigeria.
