Bank of agriculture loans – What you should know

Jun 9th, 2021

Food is life, and we cannot overemphasize the importance of agricultural produce for our survival. Despite the significant progress of synthetic food, it can’t match its natural counterpart for quality. However, in a continent like Africa, precisely Nigeria, agricultural practices are seen as crude, hence no longer practised by citizens. Also, the few who still engage do not have adequate access to good facilities. The bank of agriculture (BOA) was established to an end that it resuscitate agriculture by cratering to the needs of farmers. Basically, this is in the hope to encourage more farming and solve the food scarcity problems in the continent.

Bank of Agriculture

 

A brief overview of bank of agriculture

The bank of agriculture (BOA) was initially named the Nigerian agricultural bank and incorporated in 1972. The organization became operational in 1973 and renamed the Nigerian agricultural and cooperative bank. Basically, they did this to reflect its newly incorporated range of responsibilities. Furthermore, the government merged the institution with several other bodies, and ten years later, rebranded it into the Bank of Agriculture. The rebranding took place in 2010.

Key mandates of the Bank of Agriculture

According to their official release, the key mandates of the bank of agriculture are:

  • Provision of agricultural credit to support all agricultural value chain activities.
  • Provision of non-agricultural microcredit
  • Savings mobilization
  • Also, capacity development through the promotion of co-operatives, agricultural information systems, and the provision of technical support and extension services.
  • Provision of opportunities for self-employment in the rural areas, thereby reducing rural-urban migration.
  • Inculcation of banking habits at the grassroots of the Nigerian society.

Strengths

  • Nigeriaā€™s largest development finance institution and leading agricultural finance institution.
  • DFI with the highest rural operational coverage nationwide, with 201 outlets nationwide, 6 zonal offices and a head office.
  • Highest interaction/interface with rural farmers with deep institutional knowledge of rural and agricultural finance.
  • Over 40 years, experience in rural and agricultural finance.
  • Also, strategic partnerships with USAID markets, IFAD, World Banks, RUFIN, and ECOWAS funds, Federal Ministry of Agriculture and Rural Development, Federal Ministry of Women Affairs, State and Local Governments, etc.

What services does the bank of agriculture offer?

The bank of agriculture provides services majorly across two areas. They are:

Banking services: 

the bank of agriculture also provides conventional banking services for individuals and business personnel. Basically, you can open an individual or corporate account depending on your need. Also, each of these accounts comes with numerous benefits. To know more, simply visit their official website by following this link: https://www.boanig.com/account-opening-package/

Loan services: 

the bank of agriculture exists to cater specifically to agricultural needs. Therefore, this is their strong point. They do this by providing different loan services to businesses directly involved in agriculture. However, they also provide non-agricultural loans too. Basically, we can divide the bank of agriculture loan services into two major categories:

Agric loans: 

just as the name implies, they designed this loan to finance agricultural production and other Agro related activities. Basically, some available packages under it are:

  • Direct credit product
  • Large credit product
  • Youth agricultural revolution in Nigeria (YARN)
  • Grow and earn more (GEM)
  • On lending credit product
  • Input procurement credit facility
  • Collaboration

Non agric loans: 

this loan is the opposite of agric loans and is designated for non agricultural or agro related purposes. In addition, non agric loans are further divided into:

Also, to view the complete loan packages and know more details about your preferred loan, simply visit their official website at https://www.boanig.com/loan-service/

How do I apply for the bank of agriculture loan?

Basically, to apply for the bank of agriculture loan, simply visit any of their official branches. Right there, they would direct you on the procedure and the details of the loan. Although specific documents are required for some loans, all loans generally require the following:

  • Duly filled application form
  • KYC documents
  • Land/ asset documents
  • Security PDC
  • Other documents depending on the specific type of loan.  

How do I contact the bank of agriculture?

You can contact the bank of agriculture through any of the following means:

Email: info@boanig.com

Phone: +234 7040202222

Headquarters: No 1, Yakubu Gowon Way, PMB 2155, Kaduna, Nigeria.

They also have other branches across different states. In case you are not in Abuja, simply reach out to your nearest location.

Conclusion

The bank of agriculture exists to enhance agricultural farming and related procedures in the country. Therefore, if you are in that line of business, simply take advantage of the several loan packages to expand. Basically, you can get started today by visiting their office. 

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