BoA partners NIPOST to expand farmers’ access to credit

Bank of Agriculture (BoA) and the Nigerian Postal Service (NIPOST) have signed a Memorandum of Understanding (MoU) to expand and facilitate access to collection and distribution of agricultural credits to farmers.


Mr. Kabir Mohammed, Managing Director of BoA, who signed on behalf of the bank in Abuja recently, said the partnership was will enable the BoA to fulfill its mandate of reaching farming communities across the country.

Mohammed said NIPOST has facilities, particularly in rural areas, that could serve as warehouses for farm implements and inputs for distribution to farmers by BoA. He said the partnership would serve the purpose of the two organisation for network expansion at minimal cost and asset optimisation.

He said it is common knowledge that NIPOST has more than 1,000 post offices and about 600 functional postal agents and post shops.

“Seventy per cent of these outlets are located in rural areas. Sorting offices of most rural post offices are highly under-utilized and can be used for providing a one stop banking or facility to our customers.

“The input suppliers will be in one location, seeds suppliers will be in the same location, fertiliser suppliers will be in the same location and also other companies that provide activities like land clearing using equipment.

“And this location ideally is supposed to be provided by the bank and we found it handy in the postal service,’’ he said.


Mr. Olabode Abikoye, BoA’s Executive Director Wholesale Banking, said implementation of the MoU would commence all over the country soon.

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