FARMSLATE, an innovative startup dedicated to bridging the gap between smallholder farmers and financial resources, has emerged victorious at the First City Monument Bank (FCMB) Agritech Hackathon 2024. The competition, which was powered by Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO), aimed to foster technological solutions to pressing agricultural challenges such as credit access, infrastructure deficits, and food security issues. FARMSLATE’s winning entry leverages cutting-edge technologies including artificial intelligence, the Internet of Things (IoT), and geospatial analytics to optimize financial connections for farmers, ultimately enhancing their productivity and sustainability.
As the first-place winner, FARMSLATE was awarded N3.5 million and earned a spot in a venture-building program designed to further develop and scale their innovative solution. This recognition not only signifies a financial boost for the startup but also validates the potential of its technology-driven approach to transform the agricultural financing landscape. Ifeoluwa Olatayo, a representative from FARMSLATE, expressed sincere gratitude to FCMB, FMO, and Heave Ventures, highlighting the hackathon as a unique opportunity that allowed them to refine their problem-solution statement and engage meaningfully with industry experts.
The hackathon also showcased the talents of other agritech innovators. AgroGuardians, which developed a tool for identifying crop diseases with actionable recommendations in local languages, secured second place and a prize of N2 million. Meanwhile, CarbonEx, which connects regenerative farming initiatives with carbon reduction funding from international firms, took home N1.5 million as the third-place winner. In total, seven additional startups—Agrocist, Seedo, Dinerpro Agroecosystems, Growsmart, Coconoto, Kaloka, and PAYGO Microinsurance—will join the top three in the venture-building phase, underscoring a collective commitment to advancing agritech solutions.
Kudzai Gumunyu, Divisional Head of Agribusiness at FCMB, emphasized the bank’s dedication to supporting agribusiness through various initiatives, including digitization and capacity-building programs. He called upon tech-savvy individuals to collaborate with FCMB to enhance agricultural productivity and food security, aiming to transform rural areas into vibrant economic hubs. The bank’s interventions have already facilitated improved access to finance, research, and workforce development for smallholder farmers and agricultural enterprises, creating a positive ripple effect throughout the economy.
This event highlights a growing recognition of the critical role that technology plays in agriculture, particularly in enhancing financial accessibility for smallholder farmers. As startups like FARMSLATE and others rise to the challenge, the potential for innovation in agritech to address systemic issues in the agricultural sector becomes increasingly evident. The outcomes of the FCMB Agritech Hackathon not only pave the way for the participating startups but also signal a broader shift towards integrating technology into traditional farming practices, promising a more sustainable and productive future for the agricultural landscape.
