- FCMB Agritech Hackathon Success: First City Monument Bank (FCMB) awarded a total of N23 million to winners of its 2024 Agritech Hackathon and Venture-Building Programme, which aimed to address challenges in Nigeria’s agribusiness sector.
- Top Winners Recognized: Agrocist won N6 million for its AI-driven livestock disease detection system; FarmSlate earned N4 million for connecting smallholder farmers with financiers; and Coconoto received N2 million for its eco-friendly coconut waste technology.
- Empowering Young Innovators: FCMB’s Kudzai Gumunyu praised the programme for empowering Nigerian agritech entrepreneurs, highlighting their role in modernizing agriculture and providing innovative solutions.
- Widespread Participation and Impact: The competition attracted over 1,000 applications, with finalists chosen for their innovative, scalable, and impactful solutions, reinforcing FCMB’s commitment to fostering agritech innovation and entrepreneurship.
First City Monument Bank, FCMB, has awarded a total of N23 million to winners of its 2024 Agritech Hackathon and Venture-Building Programme, recognizing groundbreaking solutions to challenges in Nigeria’s agribusiness sector.
The three-month-long hackathon, powered by Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO), culminated in a demo day in November. According to a statement by the bank, 10 finalists from the venture-building programme received N16 million, while the top three startups in the hackathon challenge were awarded N7 million.
Venture-Building Programme Winners
- Agrocist emerged as the overall winner, earning N6 million for its AI-powered solution that detects livestock diseases and provides veterinary services, addressing high animal mortality rates.
- FarmSlate secured second place with N4 million for its platform that connects smallholder farmers with financiers using smart contracts, artificial intelligence, and geospatial analytics.
- Coconoto took third place, receiving N2 million for its eco-friendly technology that creates sustainable value from coconut waste.
- PayGo, a digital sales solution, placed fourth, earning N1 million, while six other finalists were each awarded N500,000.
Empowering Agritech Entrepreneurs
Speaking at the event, Kudzai Gumunyu, FCMB’s Divisional Head of Agribusiness and Non-Oil Exports, lauded the participants for their innovation and potential to transform the sector. “Young Nigerians have the talent and drive to revolutionize agriculture. By supporting initiatives that provide farmers and agribusinesses with access to funding and resources, we are empowering them to modernize and thrive,” he said.
Winners expressed gratitude for the opportunity, with Stephen Obe, founder of Agrocist, stating, “Winning the FCMB agritech hackathon validates our work. The prize will help us optimize our technology and supply chain to improve livestock healthcare and better serve farmers.”
Strategic Impact of the Programme
The hackathon received over 1,000 applications from Nigeria and other African countries, with 450 teams competing for the top prizes. Finalists were selected based on the innovativeness, scalability, and potential impact of their solutions.
Martine Sanders, Technical Assistance Manager at FMO, emphasized the programme’s significance, saying, “The solutions presented reflect the immense potential within Nigeria’s agritech space and the critical role that organizations like Heave Ventures play in supporting young entrepreneurs.”
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This initiative highlights FCMB’s dedication to advancing agritech innovations, fostering youth-led entrepreneurship, and contributing to the modernization of Nigeria’s agricultural landscape.
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