FCMB, FMO, Heave Ventures push for agri-digital revolution
First City Monument Bank (FCMB), FMO, the Dutch Entrepreneurial Development Bank, and Heave Ventures have spotlighted technology’s growing role in transforming agriculture, closing financing gaps, and driving inclusive growth across the African continent.
A tech-driven future for African Agriculture took center stage at the FCMB-FMO AgriTech Investment Readiness Program 2025 Demo Day, held on Thursday in Lagos, showcasing seven of Africa’s most promising agri-innovation startups and spotlighting the growing role of technology in transforming agriculture.
Abiodun Lawal, CEO of Heave Ventures, during a reflective session highlighting the milestones, growth, and impact of the program, noted that it all started as a ‘crazy idea’.
Lawal, whose company co-runs the FCMB AgriTech program, illustrated the boldness required to rethink agricultural financing in Africa. He explained that the 2025 program focused on affordability, which addresses Africa’s $20 to $30 billion SME financing gap.
“Traditional finance doesn’t work for many small businesses, and alternative finance players are not enough,” Lawal said. “We created Zimara, a digital platform to prepare SMEs to be more profitable and ready for investment. In just six weeks, over 30,000 businesses signed up. That tells you the hunger for opportunity in Africa.”
Damilare Onasanya, head of Agribusiness and Structured Trade Commodity Finance at FCMB, noted that technology remains central to unlocking Africa’s agricultural potential.
“We are here because of food security, employment generation, and the gaps that exist within our value chains. Agritech startups are the architects of the future of agriculture,” Onasanya said.
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He noted they are providing linkages across broken value chains and creating scalable, digital solutions that reach farmers where traditional finance cannot.
“This year marks the fifth edition of FCMB’s AgriTech program, and FCMB intends to remain a frontrunner when it comes to technology in agriculture,” Onasanya stated.
Kudzai Gumunyu, FCMB’s Head of Agribusiness and Non-Oil Export, said Africa’s future farmers will be digital.
He noted the importance of innovation, youth inclusion, and climate adaptation. Africa has the world’s largest available land for agriculture, yet most farmers are aging. We must transition to youth-led, tech-enabled farming.
“The youth are digitally literate and can provide scalable solutions that make agriculture profitable again,” Gumunyu said, adding that FCMB’s aggregator model, where aggregators access financing and distribute inputs and training to smallholder farmers, has reached over 500,000 farmers with a 99.9 percent repayment rate, proving that technology-driven models can make agriculture both bankable and inclusive.
At the Demo Day, winners were announced from the seven finalists who emerged from thousands of applicants. The winners received a combined N20 million in prizes, as Qiqi Farms Global Ltd, a tech-driven agribusiness redefining Africa’s food ecosystem through innovation, inclusion, and sustainability, stood in first place and went home with N8 million.
Farm Monitor, which supports farmers’ climate and financial resilience through data and digital tools, came in second place and received N4 million, while Tuplant, which provides reinforced seedlings to increase productivity and reduce post-harvest losses, was in third place and received N3 million.
Lyon Farms, which is building Nigeria’s largest network of greenhouse farms to strengthen urban food supply chains, stood in fourth place and got N2 million.
The last three, which are AgriX, Palmshops, and FreshFare Ltd, received N1 million each in recognition of their innovative contributions to Africa’s agri-tech ecosystem.
Lawal, CEO of Heave Ventures, said the ultimate goal of the FCMB-FMO AgriTech program is not just to fund startups but to redefine how agricultural businesses grow and access finance in Africa.
“We are building the tools and platforms that help SMEs become investor-ready. We are the pre-assessment before the bank, helping ensure that great ideas don’t die because of a lack of access to capital,” he stated.
