Bank of Agriculture Abuja – All you Need to Know About BOA

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Mitrobe Network

Bank of agriculture is another category of banking in Nigeria. The bank performs services related to farming and Agriculture. They provide loans to small and large scale farmers in rural areas. The bank is situated in most cities in Nigeria. In this post, I will be talking about the Bank of agriculture Abuja, basically, all you need to know about the Bank.
Bank of Agriculture is on the list of Africa’s leading agricultural finance institutions. The bank has 6 Zonal Offices and 136 outlets, spread across the 36 States of the country.
The workers of the bank are provided with institutional knowledge and great experience in agricultural financing strategies and services. The bank has strong partnerships with international institutions like IFAD, USAID, African bank, World Bank, and others.
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Bank Of Agriculture Abuja

Bank of agriculture Abuja is one of many branches of the Apex Bank of Agriculture of Nigeria. The bank is headquartered in Kaduna but operational in other cities including the federal capital territory.

Bank of Agriculture Abuja
Bank of Agriculture Abuja

About Bank of Agriculture

Bank of Agriculture (BOA) Limited was incorporated as Nigerian Agricultural Bank (NAB) in 1972 and became operational in 1973. In 1978, the institution’s name was changed to Nigerian Agricultural and Co-operative Bank (NACB) Limited to reflect a broader mandate.
In October 2001, following the Federal Government’s efforts to streamline the operations of its agencies, the NACB, People’s Bank of Nigeria (PBN) and the risk assets of the Family Economic Advancement Programme (FEAP) were merged to form Nigerian Agricultural, Co-operative  Rural Development Bank (NACRDB) Limited. In October 2010, the Bank was rebranded and it adopted the new name Bank of Agriculture (BOA) Limited as part of its Institutional Transformation Programme.

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Functions of the Bank of Agriculture

  1. Providing agricultural loans to support all agricultural value chain activities.
  2.  Providing non-agricultural microcredit
  3.  Savings mobilization
  4.  Capacity building through the promotion of co-operatives, agricultural information systems, and the provision of technical support and extension services.
  5.  Providing opportunities for self-employment in rural areas, thereby reducing rural-urban migration.
  6. Encapsulating banking habits at the grass-roots of the Nigerian society.

Where is Bank of Agriculture Abuja Located?

BOA has a branch in Abuja and is located at Zonal Office, Garki Moshood Abiola Way, Area 2, Garki.

BOA Abuja Loan Requirements

Depending on how you want to apply, whether as an individual or a corporation, the loan requirements vary. There are different requirements on how to open an account with the Bank of Agriculture and have access to loans. There are two major requirements for BOA loan applications which are individuals loan applications and companies, corporate societies, clubs with groups.

Bank of Agriculture Abuja
Loan Requirements for bank of agriculture

BOA Individual Account Requirements

  1. Completed and signed Account Opening Form
  2. Completed Mandate / Signed Card
  3. Three (3) recent passport photographs
  4. A recent copy of Utility bill (PHCN, Water,etc.), photocopy only required
  5. Signed Letter to the Bank
  6. Signed Letter Of Set-Off
  7. A photocopy of means of identification (National I.D Card, International Passports or Driver License)
  8. A minimum of N3,000.00 as Initial Deposit.

BOA Corporate Account Requirements

  1. Completed and signed Account Opening Form
  2. Completed Mandate / Signed Card
  3. Three (3) recent passport photographs each from the Executives
  4. A recent copy of Utility bill  PHCN, Water, etc), photocopy only required, to be submitted by the each of the Executive
  5. Resolution to open Account with the Bank
  6. Copy of Rules or Constitution (Original copy to be sighted)
  7. Memo and Articles of Association (Original copy to be sighted)
  8. Certificate of Registration / Incorporation (Original copy to be sighted)
  9. A minimum of N10, 000.00 as Initial Deposit.

Bank of Agriculture Interest Rate

The interest rate for the Bank of agriculture varies depending on the market rate, at the time of making this post, the following are BOA interest rate

  • 14% per annum for SME Agricultural production
  • 14% per annum for SME Agro-processing
  • 20% per annum for SME Agriculture Marketing
  • 12% per annum for Micro Credit Loans agric
  • 20% per annum for Microcredit loan (Non-Agric)
  • 14% per annum for YARN & GEM products

Conclusion

The Bank of agriculture Abuja provides an avenue for Farmers in rural and urban areas to grow their businesses through loans at a reasonably good interest rate. Although the bank’s E-commerce portal is not fully functional yet according to a push notification from their official website. Once it’s life, Farmers can interact through there portal and easily apply for loans from anywhere in the country. The loan can be provided to artisans, traders, fisheries, field crop farmers, agro-processing, tree crop production, etc.

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