Bank of Agriculture is a government-sponsored bank in Nigeria that provides credits for large and small-scale farmers and businesses in rural areas. Checkout Bank of Agriculture loan programs for this year.
Bank of Agriculture in Nigeria The bank was established in 2000, but the history of Bank of Nigeria can be traced to Nigerian Agriculture Bank in 1972. It was a great government project to support agriculture sector of the country.
Today the bank is Government Agricultural and Rural Development Finance Institution in the country. The ownership structure of the bank provides reliable and secure financial background. The bank plays significant role in the lending market of the country.
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Some functions of Bank of Agriculture are:
*The bank provides loans to support all parts of Agricultural Value Chain.
*It provides non-agricultural microcredits to poor people from villages.
*It contributes to the development of agricultural information systems.
*The bank helps in providing rural areas with technical support and different services.
*It supports and create the opportunities for employment in rural areas. The aim is not only to develop rural areas but to slow down the migration of people from rural areas to cities.
*The bank contributes to the inculcation of banking services to rural areas of the society.
Bank of Agriculture has such a strong sides:
*Bank of Agriculture is on the list of Africa’s leading agricultural finance institution.
*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 of agricultural financing strategies and services.
*The bank has strong partnership with international institutions like IFAD, USAID, African Development Bank, World Bank, and others.
1. Agricultural micro loans
2. Non-agricultural micro loans
3. SME loans
4. Loans for Cooperative & Farmers group
5. On-lending loans
6. Agra-business loans
7. Funded & guaranteed collaborations
Bank of Agriculture loan requirements and interest rates
The main requirement for all the loans is to have active Bank of Agriculture account. What do you need to open it?
*Account Opening Form (Completed and signed)
*Signed Card and Completed Mandate
*Three passport-type photos
*Signed Letter Of Set-Off
*A copy of Utility bill (PHCN, Water, etc.)
*Signed Letter to the Bank
*A copy of the means of identification
*At least, a minimum of N3, 000.00 as Initial Deposit.
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The rate of interest can vary depending on market rate, at the present time we have such rates:
-SME Agricultural production - 14% per year
-SME Agro-processing - 14% per year
-SME Agriculture Marketing - 20% per year
-Micro Credit Loans agriculture - 12% per year
-Microcredit loan (Non-Agric) - 20% per year YARN & GEM products - 14% per year
Bank of Agriculture loan application process
The process of application is easy and fast. You just need to go to one of the branches of the bank. Ask a manager to give you a loan application form. After filling it submit the form.
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