The Bank of Agriculture (BOA) has introduced a technology-driven credit assessment system aimed at preventing middlemen and fraudulent beneficiaries from accessing agricultural financing and government-backed farm support.
The bank’s Managing Director, Ayodeji Sotinrin, disclosed the development in a statement released on Friday in Abuja.
According to Mr Sotinrin, the enhanced credit-profiling framework incorporates the use of the Bank Verification Number (BVN), Know Your Customer (KYC) procedures and GPS-based mapping of farmlands to verify the identity and activities of beneficiaries.
He explained that the new digital processes are intended to ensure that agricultural loans, public funds and farm inputs are delivered only to verified farmers and legitimate farming cooperatives actively engaged in agricultural production.
The managing director also revealed that the BOA has strengthened its digital verification platform to improve transparency in the distribution of farm inputs and eliminate the diversion of resources by portfolio farmers and intermediaries.
He noted that the initiative forms part of broader efforts to modernise the bank’s operations, deepen financial inclusion in rural communities and support the transformation of Nigeria’s agricultural sector.
Mr Sotinrin reaffirmed the institution’s commitment to supporting the Federal Government’s food security agenda, adding that the upgraded system would improve the implementation of agricultural intervention programmes while expanding opportunities for smallholder farmers nationwide.
“For the BOA, ensuring transparency and accountability in the disbursement process is paramount. The BOA is aggressively modernising its nationwide footprint and driving financial inclusion in the hinterlands.
“Alongside the ongoing deployment of solar energy across its 110 branch networks to ensure uninterrupted service, the BOA is introducing digital farmer systems and strategic agency banking models.
“This bridges the geographic gap, allowing the bank to bring financial and extension services directly to the farm gate, moving beyond traditional brick-and-mortar limitations,”he said.
Mr Sotinrin added that the bank remains open to sustained collaboration with recognised commodity associations, verified grassroots cooperative societies and other relevant stakeholders to strengthen agricultural financing and service delivery.
