First City Monument Bank (FCMB) has concluded its 2024 Agritech Hackathon and Venture-Building Programme, a groundbreaking initiative aimed at fostering innovation and addressing critical challenges within Nigeria’s agricultural sector. The programme, fueled by a partnership with Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO), culminated in a Demo Day where promising startups showcased their cutting-edge solutions. A total of N23 million in prize money was distributed, with N16 million awarded to the top ten finalists in the venture-building programme and N7 million allocated to the top three winners of the hackathon challenge. This substantial investment underscores FCMB’s commitment to driving technological advancement and sustainable growth within the Nigerian agricultural landscape.
The programme’s grand prize of N6 million in the venture-building category was awarded to Agrocist, a pioneering startup leveraging artificial intelligence to detect livestock diseases and provide crucial veterinary services to farmers. This innovative approach directly addresses the pervasive issue of high animal mortality rates, a significant impediment to the growth and profitability of livestock farming in Nigeria. By providing early and accurate disease detection, Agrocist empowers farmers to take proactive measures, minimizing losses and enhancing overall productivity.
FarmSlate secured the second position in the venture-building programme, winning N4 million for its ingenious platform connecting smallholder farmers with financial institutions. Utilizing a combination of smart contracts, artificial intelligence, and geospatial analytics, FarmSlate bridges the gap between farmers seeking funding and financiers looking for viable investment opportunities. This innovative solution streamlines the lending process, reduces risk, and promotes financial inclusion within the agricultural sector, empowering smallholder farmers to access the capital they need to grow their businesses.
Coconoto, a company dedicated to creating sustainable value from coconut waste through eco-friendly technology, clinched the third spot in the venture-building programme, receiving N2 million. This recognition highlights the importance of circular economy principles in agriculture, demonstrating how agricultural waste can be transformed into valuable resources. PayGo, a digital sales solution designed for businesses, secured the fourth position and received N1 million. The remaining six finalists in the venture-building programme were each awarded N500,000, recognizing their valuable contributions to the agritech ecosystem.
FCMB’s Divisional Head of Agribusiness and Non-Oil Exports, Kudzai Gumunyu, lauded the ingenuity and potential of the participating startups, expressing confidence in the transformative power of technology within Nigeria’s agricultural sector. Gumunyu emphasized the importance of providing young innovators with the platforms and resources they need to thrive, underscoring FCMB’s commitment to supporting initiatives that empower farmers and agribusinesses to modernize and achieve sustainable growth. This commitment reflects the bank’s recognition of agriculture’s crucial role in Nigeria’s economic development and its potential for job creation and wealth generation.
The winners expressed profound gratitude for the opportunity and the financial support provided by FCMB. Stephen Obe, representing Agrocist, acknowledged the validation that the award represents for their innovative work, stating that the prize money will enable them to refine their technology, optimize their supply chain, and expand their reach, ultimately providing enhanced services to farmers and improving livestock healthcare across Nigeria. Martine Sanders, Technical Assistance Manager at FMO, highlighted the significance of the programme in showcasing the immense potential within Nigeria’s agritech space and the crucial role played by business development organizations like Heave Ventures in nurturing young entrepreneurs.
The resounding success of the FCMB Agritech Hackathon and Venture-Building Programme is evident in the sheer volume of applications received, with over 1,000 submissions from across Nigeria and other African countries. This impressive participation rate reflects the growing interest in agritech innovation and the recognition of its potential to transform the agricultural landscape. The rigorous selection process, which evaluated startups based on the innovativeness, scalability, and potential impact of their solutions, ensured that the most promising ventures received recognition and support. This rigorous approach underscores FCMB’s commitment to identifying and nurturing truly impactful solutions that can drive sustainable growth and address critical challenges within the agricultural sector. The FCMB initiative demonstrates the power of public-private partnerships in fostering innovation and driving positive change within key sectors of the economy. By providing a platform for young entrepreneurs to showcase their talent and connect with potential investors and partners, FCMB is contributing to the development of a vibrant and thriving agritech ecosystem in Nigeria. This investment in innovation not only benefits the individual startups but also has a broader impact on the agricultural sector, promoting modernization, efficiency, and sustainable growth. Furthermore, it contributes to job creation and economic development, aligning with the broader national goals of diversification and economic prosperity. The FCMB Agritech Hackathon and Venture-Building Programme serve as a model for other organizations seeking to support innovation and drive positive change within their respective sectors. By investing in the future of agriculture, FCMB is not only strengthening the Nigerian economy but also contributing to the broader goal of food security and sustainable development in Africa.
