New BOA MD, Ayo Sotinrin, pledges smart banking revolution

Nigeria:   The Bank of Agriculture (BOA) is introducing a smart banking system to revolutionize Nigeria’s agricultural landscape and advance the nation’s food security agenda
This move aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, aimed at transforming the agriculture sector.

Key Initiatives
– Digitalization of Branches: BOA will digitalize all its branches for efficient service delivery, ensuring seamless transactions and improved customer experience.
– Recapitalization: The bank is undergoing recapitalization to enhance its financial capabilities and support large-scale farmers.
– Strategic Collaborations: BOA will collaborate with critical sectors of the economy to promote agribusiness and boost value addition for products like ginger, cocoa, cassava, and oil palm.

Technology-Driven Approach
– Data-Driven Operations: BOA will leverage technology to track farmer activities, productivity, and loan performance, ensuring transparency and impact.
– Structured Lending System: The bank will shift from non-performing loans to a structured, monitored lending system using extension services and collateral managers.

Goals and Expectations
– Improved Food Production: BOA aims to improve local food production and enhance foreign exchange earnings through its initiatives.
– Increased Financial Inclusion: The bank seeks to bring farmers, especially those in remote communities, into the financial ecosystem, driving Nigeria toward becoming Africa’s food basket.

By introducing a smart banking system, BOA is poised to play a critical role in Nigeria’s agricultural development and food security efforts.

By Taiwo Olatinwo/April 9, 2025