Bank of Agriculture (BOA) and Suntrust Bank have sealed an agreement on introducing mobile banking platforms to serve customers of the agriculture bank.
The agreement allows Suntrust Bank to deploy its e-banking services to enable BOA serve its customers across its 140 branches.
Managing Director (MD) of Suntrust Bank Nigeria Limited, Muhammad Jibrin, said the deal would allow the bank to deploy ATM and other infrastructures for the over one million farmers transacting with BOA.
In addition, the bank said it will also provide training support to BOA staff.
Bank of Agriculture Managing Director, Kabiru Adamu, said Suntrust Bank would provide electronic payment solutions using its existing platform, including USSD, mobile money service, merchant and settlement accounts for e-transaction.
Minister of Agriculture, Audu Ogbe, also says that the MOU “will change the face of farming in the country.
According to the minister, 30 percent of BOA will be owned by farmers which will eventually be referred to as farmers’ bank, like the one in China.Please subscribe to our newsletter