Bank of Agriculture Transforms Digital Platform for Farmers

The Bank of Agriculture (BoA), under the leadership of Managing Director/Chief Executive Mr. Ayo Sotinrin, is implementing a significant overhaul of its digital platform to enhance credit access for farmers. This transformation marks a shift from outdated lending practices to a technology-driven financing model aimed at reaching millions of genuine farmers, improving food production, and safeguarding public funds.

Sotinrin emphasized that the bank is repositioning itself as a commercially-run development finance bank rather than merely a government agency. The transformation program is built on three pillars: restructuring the institution, recapitalizing to strengthen lending capacity, and redesigning agricultural financing.

Sotinrin noted that upon his appointment just over a year ago, he found the institution hindered by outdated technology and inefficient processes. The BoA has partnered with Ernst & Young and chief technology officers from major Nigerian banks to create a modern digital banking architecture, which includes core banking applications, digital payment systems, and the integration of Artificial Intelligence (AI) for improved operational efficiency.