FCMB rewards hackathon winners

For conceptualising and developing actionable solutions to bridge gaps in Nigeria’s agribusiness ecosystem, winners of this year’s First City Monument Bank (FCMB) Agritech Hackathon have been rewarded with N23 million.

The 10 finalists in the venture-building programme received N16 million at the demo day event, while three agritech startups that topped the hackathon challenge in October received N7 million.

At the end of the keenly contested three-month competition, powered by Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO), Agrocist emerged as the winner of the venture-building programme and received N6 million.

The agritech startup stood out for developing a solution that uses artificial intelligence to detect livestock diseases and provide veterinary extension services and inputs to farmers to address high animal mortality.

FarmSlate secured the second prize of N4 million for creating a tool that uses smart contracts, artificial intelligence, the Internet of Things, and geospatial analytics to connect smallholder farmers with financiers.

Coconoto focused on creating sustainable value from coconut waste using an environmentally friendly shredding machine, and it emerged as the third-prize winner of N2 million. At the same time, PayGo, a solution that allows firms to digitise their sales operations fully, came fourth and received N1 million.

The remaining six finalists received N500,000 each. Over 450 teams competed in the 48-hour hackathon and a four-week venture-building exercise. The range of solutions showcased at the FCMB Agritech Hackathon shows the depth of innovation in the agritech sector.

Commenting on the 2024 agritech hackathon and venture-building programme, the Divisional Head of Agribusiness and Non-Oil Exports at FCMB, Kudzai Gumunyu, said: “Young Nigerians have the talent and drive to revolutionise agriculture. We provided a platform for them to showcase their skills and contribute to a more prosperous future. By championing initiatives that provide farmers and agribusinesses access to funding and resources, we aim to empower them to modernise their operations and achieve prosperity. We urge the winners of this Hackathon to scale their solutions and contribute to the growth of the agricultural sector and the broader Nigerian economy.”