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First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank (FMO) have partnered to spearhead innovation in Nigeria’s agricultural sector through an Agritech Hackathon and Venture Building programme.
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The event is organized by Heave Ventures. It aims to address critical challenges in the sector, such as credit access, infrastructure, and food security, by empowering startups, entrepreneurs, and innovators to develop practical solutions.
Applications for the programme are now open at on.fcmb.com/AgricTech-Hackathon, and will run from August 5 to September 5.
The programme is structured to include a 48-hour hackathon, a 4-week venture-building residency, and a stakeholder conference. Participants will have the chance to win up to ₦23 million in prizes. They will also gain exposure to further growth opportunities.
Unique opportunity for innovators to address key gaps in Nigeria’s agribusiness ecosystem
Kudzai Gumunyu, FCMB’s Divisional Head of Agribusiness & Non-oil Exports, expressed excitement about the partnership
He said “this Agritech Hackathon and venture-building programme offers a unique opportunity for innovators to address key gaps in Nigeria’s agribusiness ecosystem. By fostering inclusive and sustainable growth, we aim to connect people, capital, and markets, driving efficient agricultural practices for the benefit of all stakeholders.”
The programme will culminate in demo days, where winners will receive cash grants and other benefits.
Additionally, the initiative will include a conference bringing together agribusiness stakeholders to discuss and create solutions to current and emerging challenges in the value chain. The conference will feature keynote presentations, panel discussions, workshops, and masterclasses.
Supporting early-stage companies with business development services and funding
Martine Sanders, Technical Assistance Manager at FMO, highlighted the significance of the programme noting, “FMO is delighted to collaborate with FCMB on this Agritech Hackathon and Venture Building initiative. By supporting early-stage companies with business development services and funding, we aim to unlock finance for MSMEs, promote sustainable growth, and strengthen the agribusiness ecosystem in Nigeria.”
Nigeria’s agricultural sector contributes 21.09% to the nation’s GDP and employs around 70% of the population. But it faces numerous challenges, including limited access to land, inadequate storage facilities, and low adoption of modern technologies. Despite these obstacles, FCMB and FMO are committed to driving innovation and sustainable development in the sector.
Recently, FCMB and FMO signed a $25 million NASIRA guarantee agreement funded by the European Commission. This guarantee will enable FCMB to expand funding to agricultural, youth, and women-owned SMEs without requiring collateral, addressing a client group typically deemed too risky by banks. The Agritech Hackathon is one of the key initiatives resulting from this partnership.
