Bank of Agriculture Overhauls Operations with Digital Services and Refreshed Financing Model

The Bank of Agriculture has unveiled a comprehensive digital transformation and a revamped financing framework designed to modernize operations and expand financial support for Nigerian farmers. Speaking to reporters on Thursday, the bank’s Managing Director, Ayo Sotinrin, outlined the major reforms aimed at shifting the institution away from manual processes toward modern commercial-style digital banking solutions.

Under the new operational strategy, the bank has replaced traditional paper passbooks and manual ledgers with a core banking platform accessible via mobile devices and computers. The system features an electronic wallet designed for transparent delivery of government agricultural inputs such as fertilizers, seeds, and insecticides redeemable through point-of-sale terminals at collection centers. To design its new technology roadmap, the institution collaborated with a technical working group including Chief Technology Officers from eight major commercial banks.

The overhaul centers on three core pillars: internal restructuring, recapitalization, and operational efficiency, shifting the institution’s posture toward a commercial developmental bank model. Additionally, the bank is transitioning away from individual micro-credits to fund farmers through aggregator companies in an effort to reduce operational costs and boost loan recovery rates. The initiatives build on the restructuring agenda introduced by Sotinrin following his appointment in April 2025, supported by a quarter-trillion Naira allocation from the Federal Government for its Renewed Hope Smallholder Support and Value Chain Programme.