Description
Bank of Agriculture
The BOA (Bank of Agriculture) is a development finance institution focused on providing loan credit facilities in agriculture. The Bank is wholly owned by the Federal Government of Nigeria. The bank is required to provide credit to support all activities in the Agricultural Value Chain in Nigeria. Although it also has a secondary mandate to provide microfinance services.
The BOA has 136 branches, 6 Zonal Offices and the Head Office, spread across the 36 States of Nigeria and the Federal Capital Territory. Individuals can access credit facility up to maximum of a N5,000,000 mainly for Agricultural Projects.
Products
- Agriculture loan – This Loan Scheme is for financing small, medium and large scale agribusinesses projects across the Agriculture Value Chain. It provides a great alternative for individuals looking for business loans to fund their start up.
- Micro loan – The Bank provides credit to finance both micro agriculture and micro non-agricultural activities. This loan can be accessed by traders, artisans, arable/field crops farmers, fish farmers, agro-processors, livestock farmers, agricultural produce marketers, tree crop farmers as individuals, Cooperative groups, Self-help groups etc.
PROS
- Low interest rate
- Multiple branches
CONS
- Collateral is required.
- Fairly slow process.
ELIGIBILITY CRITERIA
- A completed and signed account application form.
- 3 (Three) recent passport photographs.
- A recent copy of Utility bill ( PHCN, Water ,etc.).
- Signed Letter to the Bank.
- Signed Letter Of Set-Off.
- A photocopy of means of identification (National I.D Card, International Passports or Driver License.
- At least, a minimum of N3,000 as Initial Deposit.
- Own or operate an existing farm.
