By Aypmide Otitoju
First City Monument Bank (FCMB) has disbursed N23 million to winners of its 2024 Agritech Hackathon and Venture-Building Programme, recognising their innovative solutions to challenges in Nigeria’s agribusiness sector.
In a statement released on Monday, the bank revealed that the three-month-long hackathon, powered by Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO), concluded in November with a demo day. A total of N16 million was awarded to 10 finalists in the venture-building programme, while N7 million went to the top three startups in the hackathon challenge.
Agrocist emerged as the overall winner of the venture-building programme, earning N6 million for its artificial intelligence solution designed to detect livestock diseases and provide veterinary services to farmers, addressing high animal mortality rates.
FarmSlate claimed the second position with N4 million for its tool that links smallholder farmers with financiers through smart contracts, artificial intelligence, and geospatial analytics. Coconoto, in third place, was awarded N2 million for its eco-friendly technology that creates sustainable value from coconut waste.
PayGo, a digital sales solution for businesses, placed fourth and received N1 million, while the remaining six finalists were awarded N500,000 each.
Speaking at the event, FCMB’s Divisional Head of Agribusiness and Non-Oil Exports, Kudzai Gumunyu, praised the participants’ creativity and potential. “Young Nigerians have the talent and drive to revolutionise agriculture,” he said. “We provided a platform for them to showcase their skills and contribute to a more prosperous future. By supporting initiatives that provide farmers and agribusinesses with access to funding and resources, we are empowering them to modernise and thrive.”
Stephen Obe, founder of Agrocist, expressed gratitude for the recognition, stating, “Winning the FCMB agritech hackathon validates our work. The prize will help us optimise our technology and supply chain, ensuring we provide better services to farmers and improve livestock healthcare.”
Martine Sanders, Technical Assistance Manager at FMO, also commended the initiative, saying, “The solutions presented reflect the immense potential within Nigeria’s agritech space and the critical role that business development organisations like Heave Ventures play in supporting these young entrepreneurs.”
The statement highlighted that the competition attracted over 1,000 applications from Nigeria and other African countries, with 450 teams competing for top spots. Winners were selected based on the innovativeness, scalability, and impact of their solutions.
Meanwhile, FCMB has launched the 10th season of its “Millionaire Promo,” a campaign aimed at rewarding and empowering customers across Nigeria.
