Lagos: The All Farmers Association of Nigeria (AFAN) has urged the new Managing Director of the Bank of Agriculture (BoA), Mr. Ayo Sotinrin, to ensure the digitalisation of the bank for effective service delivery.
According to News Agency of Nigeria, President Bola Tinubu, on April 4, appointed Sotinrin as the new Managing Director of the BoA. Sotinrin is a seasoned finance and agribusiness expert, bringing a wealth of experience from both the private and public sectors.
The Southwest Chairman of AFAN, Mr. Femi Oke, commended the President for Sotinrin’s appointment and emphasized the need for digitalisation of the BoA to increase efficiency. He highlighted the outdated nature of the bank’s current operations and the necessity for a transition from analogue to digital systems. This change, Oke argued, would improve the speed and accessibility of services, especially the process of loans for farmers.
Mr. Omotunde Banjoko, an agriculture analyst, also stressed the importance of updating the bank’s operations to a digitalised state. He pointed out the limitations faced by customers, such as the inability to receive alerts for transactions or withdraw from different branches, illustrating the bank’s outdated system. Banjoko suggested that a digital transformation in the bank’s processes could alleviate these issues and better serve the agricultural community.
He also highlighted the need for prioritising funding and loans for local farmers to stimulate growth in the sector. Banjoko mentioned the increase in loan amounts from below N1,000,000 to up to N5 million, achieved through recapitalisation before the former Managing Director’s departure. He suggested further increases in loan amounts to better support farmers.
Branding and stakeholder engagement were also identified as areas needing improvement. Banjoko noted the lack of professional appearance and service in BoA branches, suggesting that the new managing director focus on enhancing the bank’s image and engaging more with stakeholders.
