Bank of Agriculture and Suntrust Bank signs MoU to assist farmers


Bank of Agriculture and Suntrust Bank Ltd Sign MoU To Provide Better Deals For Farmers


A Memorandum of Understanding between the Bank of Agriculture – BOA and SunTrust Bank Ltd to provide better financial services to farmers nationwide, has been signed at the Federal Ministry of Agriculture.


Under the partnership, farmers across the country are to start enjoying better financial services by accessing agricultural loans from the Bank of Agriculture through the SunTrust Bank Ltd that will provide farmers with e-wallet and Automated Teller Machine (ATM) Cards.


Speaking at the event, the Honourable Minister of Agriculture and Rural Development, Chief Audu Ogbeh described the partnership as a welcome development, as most commercial banks are weary to offer loans to farmers. He also explained that farming has remained unattractive to prospective farmers because of high interest rates being charged by commercial banks, and expressed confidence in the ability of managements of the two banks to deliver on this initiative.


Chief Executive Officer of SunTrust Ltd Mr. Muhammad Jibrin explained that with this partnership, more customers will be attracted to their banks, projecting that by Year 2020, about two million customers would have been attracted to the bank.


Managing Director Bank of Agriculture, Mr. Kabiru Adamu said his bank is interested in changing the narrative of farmers who suffer because they do not have access to financial services. According to him, “Farmers should be able to do business without any challenges. This is the era of e-business, so farmers with e-wallets and ATM cards, can access our products”


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Hon. Biola Lawal,