FCMB, Dutch bank unveil N20m Agritech scheme for startups

August 19, 2025 by Our Reporter

First City Monument Bank (FCMB) and Dutch Entrepreneurial Development Bank (FMO) have launched FCMB–FMO AgriTech Investment Readiness Programme.

This initiative is to identify, support, and finance Nigeria’s most promising agritech startups and Small to Medium-sized Enterprises (SMEs).

In collaboration with Heave Ventures, the programme enhances access to capital while fostering the scalability of innovative agritech businesses. It will feature a competitive grant prize pool of N20 million, awarded to ventures recognised as best positioned for investment. The programme will also include digital learning and fundability scoring through Zimara. This proprietary platform leverages alternative data and established readiness benchmarks to identify bankable ventures.

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Applications will remain accessible from August 8 to September 12. The top 20 startups will participate in a six-week readiness programme, culminating in a pitch presentation to funders in October.

Divisional Head of Agribusiness and Non-Oil Exports at First City Monument Bank, Kudzai Gumunyu, said: “This programme is more than providing traditional funding; it is a commitment to nurturing and empowering agritech startups to contribute to the agribusiness landscape and unlock its full potential. It reflects our mission to drive inclusive and sustainable growth through African-rooted ecosystem that connects people, capital and markets. This initiative will prepare the startups for investment, enhancing their potential to contribute to the agritech landscape’’.

Chief Executive Officer of Heave Ventures, Abiodun Lawal, noted:  “Scaling agribusiness innovation can revitalise value chains,  from production, processing to export,  creating jobs, boosting foreign exchange, and positioning Africa not merely as a consumer but a vital global food and agricultural technology supplier…’’