A partnership aimed at revitalizing agriculture in the country has been consummated with the signing of a partnership agreement between the Bank of Agriculture and SunTrust Bank.
What the partnership is about
SunTrust will have access to over 1 million farmers who deal with the Bank of Agriculture. In addition, it site its ATMs at Bank of Agriculture branches across the country.
The CBN recently issued a new target for Deposit Money Banks and all Microfinance Banks in the country towards achieving the 80 percent financial inclusion target for all adult population in Nigeria by 2020.
The global pursuit of financial inclusion as a vehicle for economic development had a positive effect on the country as the exclusion rate reduced from 53.0 % in 2008 to 46.3 % in 2010.
Encouraged by the positive development, the Central Bank of Nigeria in collaboration with stakeholders launched the National Financial Inclusion Strategy on 23rd October 2012 which is aimed at further reducing the exclusion rate to 20% by 2020.
Specifically, adult Nigerians with access to payment services is to increase from 21.6% in 2010 to 70% in 2020, while those with access to savings should increase from 24.0% to 60%; and Credit from 2% to 40%, Insurance from1% to 40% and Pensions from 5% to 40%, within the same period.
Bank of Agriculture Limited is the nation’s foremost agricultural and rural development finance institution. It was incorporated in 1972 as Nigerian Agricultural Bank (NAB).
In October 2010, following the rebranding of the Bank to reflect its institutional transformation Programme, the Bank adopted the new name Bank of Agriculture Limited (BOA)
SunTrust Bank is a regional commercial bank licensed by the CBN in 2001.