FarmSlate Wins FCMB Agritech Hackathon, Receives N3.5 Million Grant to Revolutionize Smallholder Farming in Nigeria

FarmSlate Wins FCMB Agritech Hackathon, Receives N3.5 Million Grant to Revolutionize Smallholder Farming in Nigeria

In a significant stride for agritech innovation, FarmSlate, a Nigerian startup, has emerged as the winner of the 2024 First City Monument Bank (FCMB) Agritech Hackathon, claiming a grant of N3.5 million. The hackathon, powered by Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO), was designed to address key challenges in the agricultural sector, particularly in credit access, infrastructure, and food security. 

A Step Forward for Nigeria’s Agritech Ecosystem

FarmSlate’s solution is an intelligent platform that connects smallholder farmers with financiers, leveraging artificial intelligence (AI), the Internet of Things (IoT), and geospatial analytics. These technologies allow FarmSlate to analyze real-time data from farms, assess farmers’ creditworthiness, and provide precise, actionable insights, thus empowering farmers to access finance, enhance productivity, and minimize risks.

Agriculture is a critical sector for Nigeria’s economy, employing more than 70% of the population, yet smallholder farmers remain significantly underserved, particularly in financing and technological support. Access to credit remains a considerable challenge, with limited options that restrict farmers from expanding and adopting better practices. FarmSlate’s solution has the potential to shift this dynamic by offering a structured, data-driven path for financial institutions to invest confidently in small-scale agriculture, thereby increasing productivity and contributing to the nation’s food security.

The Hackathon’s Vision and Its Winners

The FCMB Agritech Hackathon brought together hundreds of innovators to create transformative solutions addressing some of Nigeria’s most pressing agricultural challenges. With over 1,000 applications from Nigeria and other African nations, the hackathon underscored the demand for agritech advancements across the continent. 

The panel of judges, selected for their expertise in agribusiness, technology, and finance, evaluated the solutions from more than 450 teams. Ten winners were chosen for their innovativeness, scalability, and potential impact on the agricultural sector.

AgroGuardians, which won the second-place prize of N2 million, developed a tool to identify crop diseases with actionable recommendations, offered in both English and local languages to maximize accessibility.

CarbonEx, which took home N1.5 million, is focused on connecting regenerative farming projects with global carbon reduction funding, aiming to help farmers adopt eco-friendly practices while generating revenue from carbon credits.

These top three winners, along with seven additional finalists—Agrocist, Seedo, Dinerpro Agroecosystems, Growsmart, Coconoto, Kaloka, and PAYGO Microinsurance—will now enter a venture-building phase to scale their solutions.

Building Solutions to Scale: The Venture-Building Programme

The post-hackathon venture-building phase is designed to refine and scale the winning ideas, giving participants access to expert-led coaching and training on vital aspects of business growth. Topics covered include customer discovery, minimal viable product (MVP) design, go-to-market (GTM) strategies, and fundraising. 

The program will culminate in a Demo Day, where participants will present their solutions to a panel of judges for a chance to win a share of N16 million. This event is expected to attract investors, media, and other stakeholders in the tech and agricultural ecosystems, creating further opportunities for collaboration and growth.

Kudzai Gumunyu, FCMB’s Divisional Head of Agribusiness, highlighted the bank’s commitment to supporting agribusinesses, particularly through funding and digitization. “Our interventions in the agricultural sector have led to improved access to finance, research, and manpower development for individuals and companies alike,” Gumunyu remarked. “Through the Agritech Hackathon, we’re calling on tech-savvy innovators to join our mission in boosting agricultural productivity and transforming rural areas into economic hubs.”

FarmSlate’s Journey and Aspirations

FarmSlate’s Co-founder, Ifeoluwa Olatayo, expressed gratitude for the opportunity provided by FCMB, FMO, and Heave Ventures. “The FCMB Hackathon was a unique experience. The insightful sessions helped us communicate our problem-solution statement effectively, and the well-managed process allowed us to participate remotely, which was a valuable opportunity,” Olatayo shared. “Winning the hackathon validates our solution and prepares us for launch and scale through the venture-building phase.”

Olatayo noted that FarmSlate’s innovative approach is centered around technology’s transformative potential in agriculture. With FarmSlate, smallholder farmers—often excluded from traditional financing channels—gain improved access to essential funds and resources. This can lead to better crop yields, higher income, and ultimately, an improvement in rural livelihoods.

Heave Ventures’ partner, Abiodun Lawal, emphasized the broader purpose behind the hackathon. “Our primary motivation as technical partners was to deliver value to underserved communities in Africa—those who may never get to say thank you,” Lawal commented. He noted that the venture-building phase is not just about winning but creating sustainable solutions that can unlock economic potential for millions across the continent.

The hackathon’s collaborative framework between FCMB, Heave Ventures, and FMO reflects a growing recognition of the agritech sector’s importance to Africa’s economic development. By bridging gaps in finance, infrastructure, and knowledge, this partnership aims to lay the groundwork for long-term impact across Nigeria’s agricultural sector.

FCMB’s Role in Supporting Agritech Innovation

The FCMB Agritech Hackathon aligns with Nigeria’s broader goals of enhancing agricultural productivity and achieving food security. Through initiatives like these, FCMB is actively working to create a digitally enabled agribusiness environment. This approach recognizes the importance of smallholder farmers and the need for sustainable financing models to help them thrive.

As FCMB’s portfolio in agribusiness grows, so does its impact on rural economies and food supply chains. The bank’s role as a financial partner extends beyond funding to capacity building and infrastructure development, positioning itself as a major player in Nigeria’s agribusiness transformation.

The Road Ahead for Nigerian Agritech

The Agritech Hackathon has highlighted the role of technology and innovation in solving real-world problems for Nigerian farmers. From FarmSlate’s AI-driven finance platform to AgroGuardians’ disease-detection tool, the solutions presented reflect a new era for Nigerian agriculture—one that is technologically advanced, inclusive, and geared toward sustainability.

The venture-building phase will not only polish these solutions but also foster an ecosystem of collaboration, positioning Nigeria as a leader in agritech innovation in Africa. With strategic partnerships and the continued support of organizations like FCMB, Heave Ventures, and FMO, Nigerian agritech startups have the potential to bridge the gap between smallholder farmers and financial inclusion, driving growth in an essential sector for the nation’s economy.

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