An agritech company triumphs in the FSI innovation challenge.

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A Nigerian agriculture technology startup, Farmceries, has won the 2024 FSI Innovation Challenge.

Farmceries was rewarded with a cash prize of N800,000 and a three-month business incubation programme for providing solutions to address challenges within the nation’s agricultural sector.

According to a statement, Farmceries clinched the grand prize, while Goalgetters and Smepay emerged as the first and second runners-up, respectively.

The organiser noted that the ideation was launched two months ago, attracting participants from different Nigerian tertiary institution campuses as students collaborated to devise solutions with a meaningful impact on challenges in agriculture, health, and financial services.

“The process encompassed thorough training sessions, incorporating webinars addressing problem statements and instructing on the utilisation of Lean Canvas for idea documentation. Teams were also educated on constructing minimum viable products and mastering the art of effectively pitching their ideas.”

The Executive Director at FSI, Aituaz Kola-Oladejo, said the organisation was committed to nurturing tech talent and encouraging entrepreneurship.

According to Kola-Oladejo, the challenge had a specific focus on the agricultural, health, and financial sectors.

“Our goal is to identify challenges and create tailored investment products. This challenge specifically focused on the agricultural, health, and financial sectors,” she said.

The Group Managing Director of FinTrak Software, Bimbo Adeoye, praised FSI for effectively tapping into the potential of young individuals.

The MD of FinTrak stated, “About forty percent of our national population is youth. If their energy is properly channelled, it can bring transformative investment to Nigeria and beyond.

“Through these efforts, FSI is not only celebrating its anniversary but also shaping a new generation of tech innovators and entrepreneurs in Nigeria.”