In a significant development for agritech innovation in Nigeria, FarmSlate has emerged victorious at the First City Monument Bank (FCMB) Agritech Hackathon 2024. This startup, dedicated to bridging the gap between smallholder farmers and financiers, harnesses the power of artificial intelligence, the Internet of Things (IoT), and geospatial analytics to create a robust support system for the agricultural ecosystem. As a reward for their innovative solution, FarmSlate has been awarded N3.5 million and will participate in a venture-building programme designed to further their impact.
The Agritech Hackathon, powered by Heave Ventures and backed by the Dutch Entrepreneurial Development Bank (FMO), brought together a diverse range of startups focused on addressing critical challenges in agriculture, such as credit access, infrastructure deficits, and food security. The competition not only showcased the creativity and potential of these startups but also highlighted the urgent need for technological solutions in the agricultural sector.
In the contest, AgroGuardians claimed the second-place prize of N2 million for their tool that assists farmers in identifying crop diseases, offering actionable recommendations in both English and local dialects. This solution emphasizes the importance of localized support in enhancing farmers’ productivity and resilience. CarbonEx, which aims to connect regenerative farming initiatives with carbon reduction funding from global companies, secured the third-place position and received N1.5 million.
Additionally, seven other startups—Agrocist, Seedo, Dinerpro Agroecosystems, Growsmart, Coconoto, Kaloka, and PAYGO Microinsurance—will join the top three in the venture-building phase, further enriching the agritech landscape in Nigeria. This collaborative approach is expected to foster innovation and drive sustainable growth in the sector.
Kudzai Gumunyu, Divisional Head of Agribusiness at FCMB, emphasized the bank’s commitment to enhancing agribusiness funding and capacity building through various initiatives, including digitization and agritech. He invited tech-savvy individuals to engage with FCMB’s efforts to elevate agricultural productivity and food security, aiming to transform rural areas into vibrant economic hubs.
Ifeoluwa Olatayo of FarmSlate expressed gratitude for the opportunity provided by FCMB, FMO, and Heave Ventures. He noted that the hackathon was not only a platform for showcasing their solution but also an invaluable learning experience that honed their communication skills regarding their innovation. The recognition and support from this competition are seen as pivotal in preparing FarmSlate for launch and scaling its operations.
The implications of these developments are profound. By connecting smallholder farmers with the necessary resources and financial backing, startups like FarmSlate are poised to enhance agricultural productivity, ultimately contributing to food security in Nigeria. The collaborative efforts among various stakeholders in the agritech ecosystem signal a promising future for technological advancements in agriculture, which could lead to improved livelihoods for farmers and a more resilient food system.
