The Managing Director of the Bank of Agriculture, Ayo Sotinrin, has announced major reforms aimed at modernising the bank and improving support for farmers.

He said the institution is digitising its operations and redesigning its financing model as part of a complete overhaul.

Sotinrin explained that the bank has moved away from manual processes and now offers digital banking platforms. Farmers can access services through their phones or computers, while an electronic wallet system has been introduced to make government interventions more transparent.

The new wallet system allows inputs such as fertiliser, seeds, and crop protection chemicals to be loaded directly into a farmer’s account. These can then be collected at designated centres using point-of-sale devices, reducing leakages and improving efficiency.

The bank has also changed its lending approach. Instead of relying mainly on individual micro-credit, it now finances farmers through aggregation companies. Officials believe this will lower costs and improve loan recovery rates.

Sotinrin said the reforms include the Renewed Hope Smallholder Support and Value Chain Programme, which has received significant Federal Government funding. The bank is focusing on restructuring, recapitalisation, and operational efficiency to better serve farmers across the country.

Photo credit: Bank Of Agriculture