Bank of Agriculture

What Bank of Agriculture does

Bank of Agriculture (BOA) Limited is Nigeria's apex agricultural development finance institution, established in 1972 and operational since 1973, owned 60% by the Ministry of Finance Incorporated (MOFI) and 40% by the Central Bank of Nigeria. Headquartered in Kaduna with 110 branches across all six geopolitical zones and 1,001–5,000 employees, BOA's mandate is to provide subsidized credit facilities supporting agricultural and non-agricultural value chain activities, mobilize rural savings, and deliver capacity-building and financial inclusion services to underserved farming communities. The institution reports cumulative disbursements exceeding ₦250 billion supporting more than 2 million farmers.

BOA operates a platform-plus-modules architecture: a core savings and credit platform (Personal and Corporate accounts, MESA, LISA, BOARBI savings products, and a credit suite including Production loans at 9%, Processing loans at 12%, Marketing loans at 20%, plus Micro Credit, Nano Loans, Women & Youth Loans, Payday, and Corporate Loans) is augmented by specialized programs including the NAMP tractor lease-to-own mechanization scheme (2,000 tractors and 9,000 implements with IoT tracking, in partnership with Heifer Nigeria) and the RH-SHF aggregator-based smallholder fund. The technology layer comprises a mobile banking application, separate personal and corporate internet banking portals, BVN-integrated identity verification, GPS farm mapping, IoT-enabled tractor telemetry, and AfriGO domestic card payment integration, with solar-powered infrastructure deployed at branches to ensure rural operational continuity. Revenue is generated primarily through interest income on the subsidized loan book, supplemented by transaction and management fees (appraisal, commitment, management, NAIC insurance).

Distribution combines direct sales through the 110-branch network and digital self-serve channels with intermediated channels including Farmer Aggregator Companies under RH-SHF, agency banking agents, cooperatives, and government program partnerships. The customer base spans smallholder farmers, women agripreneurs, youth, MSMEs, cooperatives, and medium-to-large agribusinesses. Recent strategic capital injections (₦250 billion Federal Government facility, $1 billion Afreximbank intervention fund, $200 million IOM livelihood fund) and modernization partnerships with UNDP and AfriGO signal an institutional transformation under newly appointed leadership.

Name

Bank of Agriculture

Legal name

Bank of Agriculture Limited

Website

https://boanig.com

Company type

Private

Founded year

1973

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Bank of Agriculture is Nigeria's apex government-owned agricultural development finance institution providing subsidized credit, savings products, and mechanization financing to smallholder farmers, women, youth, MSMEs, cooperatives, and agribusinesses across 110 branches nationwide.

Ownership category

akta.pro rank

Product category

Agricultural Development Banking

NAICS

Depository Credit Intermediation (5221)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

Agricultural & Rural Development Banks (FSABAKAE)

akta.pro secondary industries

Policy Banks (Government-Directed Lending Banks) (FSABAKAM), National Development Banks & State Development Finance Institutions (DFIs) (BPADACAC), Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

Keywords

• Agricultural development finance
• Rural banking services
• Smallholder farmer credit
• Agricultural value chain lending
• Microfinance and savings

Headquarters

HQ city

Kaduna

HQ country

Nigeria

HQ region

Africa

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Production Loan Interest: BOA charges 9% interest on production loans, plus appraisal fee (0.5%), commitment fee (0.5%), management fee (1% per annum), and NAIC insurance (2% for arable crops, 2.5% for livestock). This is the primary revenue stream supporting smallholder farmers.
2. Processing Loan Interest: 12% interest charged on processing loans with NAIC of 1.5% on material inputs. Supports agro-processing activities along the value chain.
3. Marketing Loan Interest: 20% interest on marketing loans, supporting agricultural value chain actors engaged in produce marketing and distribution.
4. Savings Deposits: BOA mobilizes savings through multiple account products (Personal Savings, Corporate, MESA, LISA, BOARBI), using deposits to fund lending operations. Interest rates are competitive to attract depositors.
5. RH-SHF Aggregator Platform Fees: Revenue generated through the Renewed Hope Smallholder Support and Value-Chain Fund via accredited Farmer Aggregator Companies, which pay fees for participation and access to the BOA financing platform.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

Bank of Agriculture is a Nigerian government-owned development finance institution that provides credit facilities and savings products to support agricultural and non-agricultural value-chain activities. It serves smallholder farmers, women, youth, MSMEs, cooperatives, and agribusinesses through 110 branches nationwide, offering tiered savings accounts, micro and corporate credit facilities, tractor lease-to-own mechanization financing (NAMP), and smallholder value-chain financing (RH-SHF) at subsidized single-digit interest rates.

Product overview

Bank of Agriculture (BOA) operates a platform-plus-modules architecture offering agricultural and non-agricultural financial services. The core platform consists of savings accounts (Personal, Corporate, MESA, LISA, BOARBI) and credit facilities (Micro Credit, Corporate Loan, Payday Loan, Women & Youth Loan, Nano Loans, Non-Agricultural Loans). Key specialized programs include NAMP (tractor mechanization with IoT tracking) and RH-SHF (smallholder value-chain financing). The digital layer comprises mobile banking app and internet banking portals. BOA also offers agricultural inputs including tractors (81-90 HP) and implements (disc ridger, plough, harrow, sprayer, trailer, seed drill) through its mechanization programs. The institution serves smallholder farmers, agribusinesses, cooperatives, women, youth, and rural entrepreneurs across Nigeria's 110 branches.

Differentiator

Problem solved

Functional benefit

Brands

• NAMP (National Agricultural Mechanization Program): A transformative tractor financing and management program in partnership with Heifer Nigeria, designed to expand access to affordable mechanization services across Nigeria
• RH-SHF (Renewed Hope Smallholder Support and Value-Chain Fund)
• LISA (Liberty Savings Account)
• MESA (Micro Enterprise Savings Account)
• BOARBI (BOA Rural Business Initiative)
• NAPM (National Agribusiness Policy Mechanism)

Products and services

• Personal Savings Account
• Corporate Account
• Micro Enterprise Savings Account (MESA)
• Liberty Savings Account (LISA)
• BOA Rural Business Initiative (BOARBI) Savings Account
• Micro Credit
• Corporate Loan
• Payday Loan
• Women and Youth Loan
• Nano Loans
• Non-Agricultural Loans
• Renewed Hope National Agricultural Mechanization Programme (NAMP / RHNAMP)
• Renewed Hope Smallholder Support and Value-Chain Fund (RH-SHF)
• BOA Mobile Banking App

Quantifiable outcome

• Over ₦250 billion disbursed in loans supporting 2 million+ farmers
• +2 more outcomes

Named customers4 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability4 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered core, flagship and minor.

• United Nations Development Programme (UNDP)coreStrategic or Co-development Partner · 1 June 2026BOA signed a Memorandum of Understanding with the UNDP to modernize its operations and expand agricultural financing. The partnership, aligned with the UNDP's Integrated Smart States Programme, supports the One Million Hectare Tree Crop Initiative while deploying digital farmer systems, agency banking, and solar-powered infrastructure across BOA's 110 branches. The partnership also overhauls BOA's verification framework using BVN checks, KYC protocols, and GPS farm mapping.
• AfriGO (Nigeria's Sovereign Domestic Card Scheme)flagshipTechnology or Integration · 1 June 2026BOA partnered with AfriGO, Nigeria's sovereign domestic card scheme, in a landmark initiative to drive financial transparency and accountability within Nigeria's agricultural finance value chain. The partnership was announced at the Digital Pay Expo 2026 in Lagos. BOA will deploy AfriGO's payment solutions including Cowry Terminal Payment Cards, virtual cards, tokenisation engine, and loyalty platform. Executive Director Ugo Obasi emphasised AfriGO's commitment to building domestic payment infrastructure for all Nigerians, from farmers to entrepreneurs.
• Federal Government of Nigeria (Cotton, Textile and Garment Sector)minorStrategic or Co-development Partner · 1 May 2026BOA pledged financial support for cotton farmers and value chain players as part of the federal government's priority revival of the Cotton, Textile and Garment (CTG) sector. Nigeria spends approximately $6 billion annually on textile imports, with domestic cotton production having collapsed from 2.5 million metric tons in 2001 to just 10,000 metric tons in 2025. A new strategic policy framework is expected between June and July 2026.
• National Agricultural Land Development Authority (NALDA)coreStrategic or Co-development Partner · 1 April 2026BOA is a funding partner in NALDA's Renewed Hope Mega Farming programme, which secured 5,000 hectares of land in Ora Community, Kwara State. Each farmer manages 5 hectares and employs 4-5 workers, with the project expected to engage approximately 5,000 citizens and positively affect 10,000 lives. The initiative includes training support from Arzikin Noma Africa and is designed to boost food security and drive rural development.
• UK Government / Nigeria-UK Agriculture and Investment ForumminorStrategic or Co-development Partner · 1 March 2026BOA's MD and CEO Ayo Sotinrin participated in the Nigeria-UK Agriculture and Investment Forum in London, discussing climate-resilient agriculture and urging stronger partnerships and increased capital to unlock Nigeria's agricultural potential. Nigeria's vast land and market were presented as an attractive investment opportunity.
• Heifer NigeriacoreStrategic or Co-development Partner · 1 November 2025BOA partnered with Heifer Nigeria to launch the Renewed Hope National Agricultural Mechanization Programme (RHNAMP), a transformative tractor financing and management programme. The programme makes 2,000 tractors and 9,000 implements available to eligible beneficiaries (agro-service companies, women agripreneurs, youth agripreneurs) through a lease-to-own model with IoT tracking, maintenance support, and flexible repayment.
• Presidential Food Systems Coordination Unit (PFSCU)coreStrategic or Co-development Partner · 1 July 2025BOA serves as a key implementing and financial partner in the National Agribusiness Policy Mechanism (NAPM), a national framework launched by the PFSCU. NAPM aims to harmonize food policies, foster innovation across the agricultural value chain, and promote synergy between government and private enterprise. BOA's roles include providing affordable credit, financial inclusion, capacity building, mechanization facilitation, and monitoring impact evaluation.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• National Bank for Agriculture and Rural Development (NABARD): India's apex agricultural and rural development finance institution, providing credit, refinancing, and developmental support to agriculture and rural infrastructure. Directly comparable to BOA in mandate, government ownership structure, and focus on subsidized agricultural lending to smallholders.
• Land and Agricultural Development Bank of South Africa (Land Bank): South Africa's primary agricultural finance institution, wholly owned by the South African government. Comparable to BOA in mandate to support agricultural value chains, government ownership, and DFI structure, though Land Bank has faced recent solvency challenges—offering a cautionary parallel for BOA's subsidy-dependent model.
• Bank of Industry (BOI) Nigeria: Nigeria's sister DFI, providing long-term financing to MSMEs and industrial enterprises. Operates under similar federal ownership and DFI mandate as BOA but focuses on industrial/manufacturing sectors rather than agriculture—useful comparable for DFI governance, capitalization, and government-dependent operations in Nigeria.
• NIRSAL Microfinance Bank: Nigerian microfinance institution focused on agricultural value chain financing, created by the Central Bank of Nigeria. Comparable to BOA's smallholder farmer focus, agribusiness lending, and Nigerian regulatory environment, though smaller and more narrowly focused on de-risking agricultural lending.
• Agricultural Finance Corporation (AFC) Kenya: Kenya's government-owned agricultural finance institution providing credit to farmers, cooperatives, and agribusinesses. Directly comparable to BOA in mandate, government ownership, and East African smallholder focus—offering regional peer benchmarks for DFI agricultural lending models.
• Landwirtschaftliche Rentenbank: Germany's federal development bank for agriculture, agribusiness, and rural areas. Comparable to BOA as a government-owned agricultural DFI, though operating in a mature market with more sophisticated risk management and higher capital efficiency—useful benchmark for BOA's potential modernization trajectory.

Broad incumbents

• Agricultural Bank of China (ABC): One of the world's largest state-owned commercial banks with deep agricultural lending focus in China. While much larger and more diversified than BOA, ABC provides a benchmark for a state-owned agricultural finance institution at scale, including rural branch network and policy-driven lending.
• Central Bank of Nigeria (CBN): Nigerian central bank and 40% owner of BOA, also operates agricultural intervention programmes such as the Anchor Borrowers' Programme (ABP) and Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL). Relevant as policy-maker, regulator, and overlapping programme operator with BOA in Nigerian agricultural finance.

Regional players

• Africa Finance Corporation (AFC): Pan-African multilateral development finance institution providing capital for infrastructure and industrial projects across Africa. Comparable to BOA as a continental development financier focused on Africa, though AFC focuses on larger infrastructure rather than smallholder agricultural lending.

Emerging players

• Sterling Bank Nigeria (Agro-Eprocessing Initiative): Nigerian commercial bank with a notable HEART (Health, Education, Agriculture, Renewable Energy, Transportation) strategy and focused agribusiness lending. Comparable to BOA as a Nigerian lender with agricultural specialization, but operates as a commercial (not subsidized) bank, offering a private-sector benchmark for BOA's addressable market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/bankofagricng
• Instagraminstagram.com/link_to_instagram

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bank of Agriculture