First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank (FMO) are hosting an Agritech Hackathon and Venture Building to spur agricultural innovation in Nigeria. Heave Ventures’ project welcomes startups, entrepreneurs, and innovators to solve credit, infrastructure, and food security problems.
The initiative involves a 48-hour hackathon, a 4-week venture-building residency, and a stakeholder conference. Participants can win up to ₦23 million prizes and gain growth possibilities. On.fcmb.com/AgricTech-Hackathon takes applications which have already started from August 5 to September 5.
Read also: Ecobank unveils 12 finalists for 2024 fintech challenge
The role of FMO and FCMB in enhancing Agriculture
FCMB’s Divisional Head of agribusiness and non-oil Exports, Kudzai Gumunyu, commented on the program that they are enthusiastic about organising the Agritech hackathon and venture-building program with FMO and Heave Ventures.
This is a chance for innovators to design and implement solutions to fill gaps in the local agribusiness ecosystem and usher in a new era of efficient agriculture for all stakeholders and society.
He added that they will continue to promote equitable and sustainable community progress by establishing an African ecosystem that connects people, finance, and markets.
Demo days, which will include cash grants and other prizes, will conclude the agritech hackathon and venture-building program.
FMO Technical Assistance Manager Martine Sanders said: “FMO is thrilled to partner with FCMB on this Agritech Hackathon and Venture Building program. We empower early-stage entrepreneurs with business development services and finance to encourage innovative solutions to agriculture’s strategic concerns in Nigeria”.
He continued, “MSMEs need this program to get financing, grow sustainably, and strengthen the ecosystem. This matches the goals of NASIRA, FMO and FCMB’s European Commission-funded portfolio guarantee and technical assistance initiative. We look forward to supporting sustainable growth in Nigeria with FCMB and leaving a lasting impact on Nigeria’s agribusiness landscape.”
Read also: FCMB Inaugurates food technology startup
Benefits of the FCMB-FMO NASIRA guarantee
The course will also include a conference for agricultural stakeholders to explore current and new challenges and develop solutions to boost value chain productivity. The conference will feature keynotes, panels, workshops, and masterclasses.
Agriculture accounts for 21.09% of Nigeria’s GDP and 70% of its workforce. Despite its importance, the industry confronts many obstacles, including limited land access, overreliance on rain-fed irrigation, inadequate storage facilities, poor market access, and low adoption of modern agricultural technologies. These low yields and post-harvest losses have limited the sector’s potential.
FCMB and FMO inked a $25 million NASIRA guarantee to address these issues. The European Commission-funded guarantee will allow FCMB to fund agricultural, youth, and women-owned SMEs without collateral, targeting a hazardous client segment for banks. One benefit of the FCMB-FMO relationship was a Hackathon.