The Bank of Agriculture (BOA) has unveiled a sweeping reform programme aimed at modernising agricultural financing, expanding financial inclusion in rural communities, and strengthening support for Nigeria’s food security agenda.
The initiative includes a major digital transformation drive, new strategic partnerships, and enhanced loan verification systems designed to improve access to affordable credit for genuine farmers while reducing fraud in government-backed agricultural intervention programmes.
Ayodeji Sotinrin, Managing Director and Chief Executive Officer of the Bank, said the reforms are focused on modernising the bank’s operations, improving transparency, and expanding access to finance for smallholder farmers across the country.
According to him, the BOA will strengthen partnerships with state governments, agricultural input suppliers, commodity associations, and development partners to accelerate agricultural productivity and stimulate rural economic growth.
As part of the transformation agenda, the Bank has signed a Memorandum of Understanding (MoU) with the United Nations Development Programme (UNDP) to align its revitalisation strategy with the Integrated Smart States Programme (ISSP).
The partnership is expected to mobilise blended and climate finance for agriculture while supporting the Federal Government’s One Million Hectare Tree Crop Initiative, which seeks to boost commercial farming, create jobs and expand agricultural exports.
“Our vision is to deploy capital in an intelligent, smart and highly efficient way to reposition the Bank as a catalyst for food security and rural prosperity,” Sotinrin said.
He added that the Bank is committed to bringing more young farmers into the formal financial system by providing easier access to agricultural finance.
To improve transparency in intervention programmes, BOA has introduced a digital verification framework that integrates Bank Verification Number (BVN) authentication, Know Your Customer (KYC) procedures, and GPS farm mapping.
The Bank said the system will ensure that loans and farm inputs are delivered directly to genuine farmers while eliminating fraudulent beneficiaries and reducing the diversion of intervention funds through middlemen.
Muhammad Magaji, National President of the All Farmers Association of Nigeria (AFAN), welcomed the reforms, describing the verification process as a critical step towards ensuring that subsidised agricultural loans benefit real farmers rather than politically connected beneficiaries.
He, however, urged the Bank to ensure that loan approvals and disbursements are completed early enough to coincide with planting seasons, stressing that timely financing is essential for improved agricultural productivity.
As part of its broader digital transformation strategy, BOA also announced plans to deploy digital farmer platforms, expand agency banking services, and introduce solar-powered operations across its 110 branches to improve financial access in underserved rural communities.
The Bank said it would continue engaging commodity associations, farmers’ cooperatives and other agricultural stakeholders through regular town hall meetings and technical working groups to identify genuine beneficiaries and strengthen the implementation of the National Agri-food System Investment Plan (NASIP).
The latest reforms underscore the Bank’s ambition to become a more technology-driven development finance institution capable of expanding agricultural credit, supporting food security, and driving sustainable rural development across Nigeria.
