FCMB awards N23m to agritech innovators addressing livestock, financial gaps

First City Monument Bank (FCMB) has rewarded agritech innovators with N23 million for developing solutions to bridge critical gaps in Nigeria’s agribusiness ecosystem.

Ten finalists in the venture-building programme received N16 million during the November Demo Day event, while three startups that excelled in the October Hackathon received N7 million.

Agrocist emerged as the overall winner of the venture-building programme, earning N6 million for its AI-driven solution that detects livestock diseases and provides veterinary services to reduce animal mortality. FarmSlate secured the second prize of N4 million for its tool that leverages AI, smart contracts, IoT, and geospatial analytics to connect smallholder farmers with financiers. Coconoto came third, receiving N2 million for its sustainable solution that transforms coconut waste using eco-friendly shredding machines. PayGo, a sales digitisation solution, claimed fourth place with N1 million. The six remaining finalists each received N500,000.

Over 450 teams competed in the 48-hour hackathon and four-week venture-building programme, showcasing innovative solutions to Nigeria’s agricultural challenges.

Commenting on the programme, Kudzai Gumunyu, FCMB’s Divisional Head of Agribusiness and Non-Oil Exports, said: “Young Nigerians have the talent and drive to revolutionise agriculture. By providing this platform, we aim to empower farmers and agribusinesses with funding and resources to modernise and prosper. We encourage winners to scale their solutions for the sector’s growth and the Nigerian economy.”

Stephen Obe of Agrocist expressed gratitude, stating: “Agrocist uses digital technology to deliver affordable veterinary services, improving livestock health and farm productivity. Winning the FCMB Hackathon validates our work, and we will use the prize to optimise our technology and supply chain.”

Martine Sanders, Technical Assistance Manager at the Dutch Entrepreneurial Development Bank (FMO), praised the programme’s success: “The outcomes showcase the potential of Nigeria’s agritech sector to add value and increase productivity. From livestock health solutions to coconut waste processing and microinsurance for animals, these startups highlight the immense talent in the local ecosystem and the role of partners like FCMB and Heave Ventures in supporting their growth.”

Abiodun Lawal, Executive Partner at Heave Ventures, added: “Our goal is to support businesses with trans-generational impact. We are proud to help these startups achieve product-market fit, and the returns for FCMB and FMO will exceed expectations.”

The FCMB Agritech Hackathon and venture-building programme, powered by Heave Ventures and supported by FMO, continues to provide a platform for innovators to tackle agribusiness challenges and drive sustainable growth in Nigeria’s agricultural sector.