Bank of Agriculture launches digital overhaul and new funding model
The Bank of Agriculture, led by Ayo Sotinrin, is undergoing a major transformation to digitise its operations and improve support for farmers. The bank has replaced manual processes with digital platforms, allowing customers to access services electronically. A new financing model now channels loans through farmer aggregation companies rather than individual micro-credit. The reforms are part of a broader restructuring agenda, including recapitalisation and operational efficiency.
What we know
- Ayo Sotinrin said the bank is shifting from a government agency to a fully digital, government-owned bank.
- The bank aims to reach a high level of digitisation in 2026, with input from CTOs of major Nigerian banks.
- A new electronic wallet system allows transparent distribution of government interventions like fertiliser and seeds.
- The Renewed Hope Smallholder Support and Value Chain Programme was developed to secure Federal Government funding for smallholder farmers.
- The restructuring agenda began when Sotinrin became managing director in April 2025, building on earlier efforts, including a steering committee set up in 2017 to modernise the bank.
