The Bank of Agriculture (BOA) has introduced a technology-driven credit assessment system designed to prevent middlemen and fraudulent beneficiaries from accessing agricultural loans and government-backed farm support programmes.
The development was disclosed by the Managing Director of the Bank of Agriculture, Ayodeji Sotinrin, in a statement released on Friday in Abuja.
According to Sotinrin, the enhanced credit-profiling framework integrates the Bank Verification Number (BVN), Know Your Customer (KYC) procedures and GPS-based mapping of farmlands to verify the identity, location and farming activities of loan applicants.
He explained that the new system is intended to improve transparency, strengthen accountability and ensure that agricultural financing reaches genuine farmers and agribusiness operators.
The Managing Director noted that the adoption of digital verification tools will reduce cases of identity fraud, eliminate the influence of intermediaries and enhance the efficiency of loan disbursement and monitoring.
He added that GPS mapping of farmlands will enable the bank to verify the existence and scale of farming operations, improving credit risk assessment and ensuring that financial support is directed to productive agricultural activities.
According to Sotinrin, the initiative aligns with the Federal Government’s efforts to modernise agricultural financing, promote financial inclusion and strengthen food security through targeted support for farmers.
Stakeholders have welcomed the technology-driven approach, noting that improved beneficiary verification will enhance confidence in agricultural lending programmes and reduce the diversion of public resources.
The Bank of Agriculture reaffirmed its commitment to leveraging digital innovation to improve service delivery, expand access to finance for genuine farmers and support the sustainable growth of Nigeria’s agricultural sector.
