FCMB Injects N364.6bn Into Agriculture, Supports 196,000 Farmers

First City Monument Bank (FCMB) provided N364.6 billion in financing to Nigeria’s agricultural sector in 2025, supporting more than 196,000 smallholder farmers nationwide, as the lender partners with Mastercard to expand access to credit, markets and agricultural services through a new digital platform.

The bank disclosed this at the launch of AgroPass, a digital platform developed by Mastercard to connect farmers with lenders, input suppliers, buyers, agribusinesses and other participants across the agricultural value chain.

FCMB said nearly half of the farmers who benefited from its agricultural financing last year were women and young people, highlighting the role of smallholder financing in promoting financial inclusion and creating economic opportunities in rural communities.

The initiative comes amid persistent challenges facing smallholder farmers, including limited access to affordable financing, quality agricultural inputs, reliable markets and technical support, despite agriculture’s contribution of more than 20 per cent to Nigeria’s Gross Domestic Product (GDP).

Speaking at the launch in Lagos, FCMB Managing Director, Yemisi Edun, represented by the bank’s Executive Director, Wholesale Banking, Obaro Odeghe, said supporting farmers required more than providing credit, stressing the need to connect them with markets, technology, knowledge and other essential services.

“Supporting farmers means more than offering credit. It is about building connections to finance, markets, technology, knowledge and opportunity,” Edun said.

She added that AgroPass would help farmers become more productive, resilient and commercially successful by addressing critical gaps across the agricultural value chain.

According to the bank, AgroPass leverages digital technology to connect farmers with service providers, helping them access financial services, agricultural inputs, buyers, and other opportunities needed to grow their businesses.

FCMB said it had adopted a value-chain financing model that extends support beyond individual farmers to other participants in the agricultural ecosystem, including input suppliers, seed companies, processors, distributors and exporters.

The bank’s Divisional Head of Agribusiness and Non-Oil Exports, Kudzai Gumunyu, said the approach was aimed at improving agricultural productivity, expanding exports and creating sustainable economic opportunities in rural communities.

“Our efforts are boosting agricultural productivity, increasing exports and creating lasting economic opportunities in rural communities,” Gumunyu said.

Mastercard’s Executive Vice President, Growth Segments, Tara Nathan, said smallholder farmers remained central to Africa’s food systems, rural livelihoods and economic growth but were often disconnected from services and opportunities that could improve their productivity.

She said AgroPass was designed to bridge these gaps by connecting farmers to financial services, suppliers, buyers and digital tools that support productivity and resilience.

Nathan added that the partnership with FCMB would help build a more connected agricultural ecosystem, enabling farmers to strengthen their businesses, participate more fully in the economy and access new growth opportunities.

The platform is also expected to improve the efficiency and transparency of agricultural transactions while helping farmers manage their businesses and reach new markets.

FCMB and Mastercard said the initiative formed part of their broader commitment to advancing financial inclusion, strengthening food security and supporting sustainable rural development through technology and strategic partnerships.