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FCMB-backed Agritech Startups Target Expansion into East Africa

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3 months ago

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Nigerian agritech startups supported by First City Monument Bank are preparing to expand into other African markets as part of a broader push to scale homegrown agricultural technology solutions across the continent.
FCMB noted in its AgriTech Alumni Impact Report that ventures such as AgroCist and Crop2Cash have demonstrated the potential to scale their solutions beyond Nigeria into other African markets.
The report traces the evolution of the bank’s agritech programme from its 2018 launch to what it described as an “Impact Era” focused on commercially viable, investment-ready agricultural businesses.
Crop2Cash emerged as the inaugural winner of the programme with a USSD-based platform designed to improve access to financial tools for unbanked farmers. Since then, the initiative has expanded through collaborations with innovation hubs, development finance institutions and startup enablers.
FCMB stated that its approach increasingly considers opportunities beyond traditional lending, including the use of weather data, soil information and other digital tools to support better decision-making, manage risk and enhance agricultural productivity.
The bank also highlighted increasing interest in climate-conscious agriculture, regenerative farming practices and ecosystem partnerships designed to improve food security and rural livelihoods. Development partners supporting the programme include FMO, the Mastercard Foundation and UNDP.
The report added that the bank intends to continue investing in user-centred agricultural innovation that can scale beyond Nigeria.
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