The Bank of Agriculture (BOA) loan is an initiative through which the federal government of Nigeria reaches out to farmers with funds to augment their farming businesses in Nigeria.
By farmers, we mean all individuals involved in all kinds of agriculture, from poultry to fisher, piggery and other arms of farming. Here we shall focus on the Bank of Agriculture (BOA) loan requirements, portal and loan type.
Initially, the operations of the Bank of Agriculture are handled by the federal government, whereas the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance are registered as assisting shareholders of the institution.
If you are a farmer looking for a loan to support your farming business, the BOA should be your first point of call, either as an individual or a registered association.
Types of Bank Of Agriculture Loans
Below are types of loan available farmers;
1. Micro credit loans
This loan scheme is designed for farmers who are into fishery, horticulture, Agro-processing, livestock, etc. This loan can be accessed by individuals and cooperative society members.
Requirements for the loan:
- 2 guarantors
- 20% partial payment upfront
- Loan amount requested must not be above N250,000
- Loan tenure must not exceed 2years
- Annual interest rate is 12%
2. Grow and Earn More (GEM)
Grow and Earn More loan scheme is designed to help women who are farmers and are interested in increasing the scale of their farming business. This is in order to help the deal with the challenge of financing that most farmers have.
- You must hold an account with the Bank of Agriculture office close to your project for at least 3 months
- Loan amount must not exceed N1 million
- Loan is based on project type
- 2 guarantors
- 10% partial payment upfront
- Annual interest rate is 14%
3. Small and Medium Enterprises (SMEs) Loan
This loan is available to persons whose projects are agricultural based. Up to 5,000,000 naira loan is up for grab in this scheme.
How to Open an account with Bank of Agriculture
You can either open a corporate account or an individual account with BOA.
To open an account, visit https://www.boanig.com/account-opening-package/ to select your preferred account type and fill the form.
Documents Required to open an account:
- Filled and duly signed form
- A signed letter of intent, addressed to the Bank of Agriculture
- Updated mandate
- Photocopy of valid means of identification
- Copy of the most recent utility bill
- 3 passport photos
- N3,000 part payment
- Signed letter of set-off
Bank of Agriculture loan Portal
Bank of Agriculture offers both Agric and Non Agric loan services. Visit to BOA loan portal on www.boanig.com/loan-service to apply for a loan.
Bank of Agriculture Contacts Contact
To contact BOA, visit No, 1 Yakubu Gowon Way, P.M.B 2155, Kaduna, Nigeria. Phone: +234 7040202222; Email: email@example.com.
Applying for and getting a loan from the Bank of Agriculture is very easy. Once you fulfill all the requirements listed in the article, the loan amount will be disbursed to you.