Agric start-ups share N23m in FCMB’s Hackathon

First City Monument Bank (FCMB) has taken a pivotal step in addressing critical challenges within Nigeria’s agribusiness sector by rewarding winners of its 2024 Agritech Hackathon and venture-building programme with a combined N23 million. This initiative, designed to spur innovation in agriculture, was powered by Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO). It aimed to tackle pressing issues such as livestock mortality, financial inclusion for farmers, and sustainable practices.

The programme unfolded over three months, with highlights including a 48-hour hackathon and a four-week venture-building exercise. These activities drew over 450 teams from Nigeria and other African countries. On Demo Day in November, the spotlight was on solutions with high scalability and potential to transform the agricultural value chain.

1. Agrocist: The top winner, awarded N6 million, is revolutionizing livestock health through AI-powered disease detection and providing affordable veterinary services and critical inputs to mitigate animal mortality.
2. FarmSlate: In second place, FarmSlate received N4 million for its platform combining AI, IoT, smart contracts, and geospatial analytics to connect smallholder farmers with financiers, fostering access to funds.
3. Coconoto: Claiming the third prize of N2 million, Coconoto showcased an eco-friendly machine that transforms coconut waste into sustainable products, exemplifying circular economy practices.
4. PayGo: Securing the fourth spot with N1 million, PayGo enables businesses to fully digitize sales operations, addressing inefficiencies in agricultural supply chains.

Six other finalists received N500,000 each for their innovative contributions, further underlining the initiative’s commitment to fostering agricultural transformation.

Stakeholder Support and Vision
Kudzai Gumunyu, FCMB’s Divisional Head of Agribusiness and Non-Oil Exports, emphasized the importance of youth-driven innovation in agriculture. He highlighted the bank’s efforts to modernize farming operations through access to funding and resources. Similarly, FMO’s Martine Sanders commended the diverse solutions presented, which underscore the potential of Nigeria’s agritech sector to drive value addition and productivity.
Abiodun Lawal of Heave Ventures expressed pride in supporting startups with the potential for trans-generational impact, highlighting the collaborative efforts of FCMB and FMO in nurturing these innovations.
Source- The Nation

Expert Review for Agri-Food Stakeholders:

The FCMB Agritech Hackathon and venture-building programme present a roadmap for stakeholders in Nigeria’s agri-food sector to leverage innovation for sustainable growth. Here are key takeaways:

1. Empowering Farmers with Technology: Solutions like Agrocist and FarmSlate demonstrate the transformative power of technology in reducing livestock mortality and enabling financial inclusion. Stakeholders should explore partnerships with these startups to scale their solutions across Nigeria’s agricultural landscape.
2. Sustainability as a Priority: Coconoto’s environmentally friendly approach highlights the economic potential of waste management in agriculture. Stakeholders can integrate such models into their value chains to enhance sustainability and profitability.
3. Youth Inclusion in Agribusiness: The success of these young innovators reaffirms the importance of engaging youth in agriculture. Policymakers and private-sector actors should create more platforms to harness the creativity and energy of young entrepreneurs in solving agricultural challenges.
4. Market Access and Funding: Startups like FarmSlate bridge critical gaps between farmers and financiers. Stakeholders, particularly financial institutions and investors, should capitalize on these tools to unlock capital for smallholder farmers, improving productivity and livelihoods.
5. Collaborative Ecosystems: The partnership between FCMB, FMO, and Heave Ventures exemplifies how collaboration among stakeholders can accelerate agribusiness development. Industry players should consider similar partnerships to drive innovations tailored to local needs.

Conclusion
The FCMB Agritech Hackathon is a beacon of hope for Nigeria’s agribusiness sector. By promoting technological innovation, financial inclusion, and sustainability, it equips stakeholders with tools to tackle systemic challenges and seize emerging opportunities in the agricultural value chain. Agribusiness players are encouraged to support and adopt these groundbreaking solutions to enhance productivity and ensure long-term sectoral growth.