Bank of Agriculture launches new strategy for rural finance and food security
The Bank of Agriculture has announced a new roadmap to modernise its operations and expand financial inclusion for rural farmers. Ayodeji Sotinrin, the bank’s Managing Director, revealed that the institution is focusing on operational upgrades and strategic partnerships to empower smallholder farmers. The plan includes collaboration with the United Nations Development Programme and other partners to transform Nigeria’s agricultural sector. Efforts are also underway to improve transparency, digital services, and ensure that interventions reach genuine beneficiaries.
TLDR
- Bank of Agriculture is implementing a strategic roadmap to support food security and rural prosperity.
- The bank signed a Memorandum of Understanding with the United Nations Development Programme to align with the Integrated Smart States Programme.
- New verification frameworks, including Bank Verification Number checks and GPS farm mapping, aim to prevent fraud and ensure only genuine farmers benefit.
- Muhammad Magaji, National President of the All Farmers Association of Nigeria, endorsed the verification measures and called for faster loan disbursement.
- The bank is upgrading its digital infrastructure and expanding agency banking to improve service delivery in rural areas.
