Enhancing Financial Inclusion and Advancement (EFInA) and the Bank of Agriculture (BOA) have signed a Memorandum of Understanding (MoU) to advance financial inclusion within Nigeria’s agricultural sector, with a focus on expanding access to relevant and affordable financial services for smallholder farmers and agribusinesses.
- +EFInA, BOA partner to expand financial access for smallholder farmers
Agriculture remains central to Nigeria’s economy, employing over 70% of the rural population and sustaining millions of livelihoods.
Agriculture remains central to Nigeria’s economy, employing over 70% of the rural population and sustaining millions of livelihoods. Despite this, the sector continues to face a significant financing gap, which limits productivity, weakens resilience, and constrains value chain development.
This partnership is anchored on a shared recognition that improving access to finance in agriculture requires more than account opening; it requires systems designed around the realities of those they serve.
In her opening remarks, Foyinsolami Akinjayeju, the chief executive officer of EFInA, noted that the partnership is focused on ensuring that finance becomes more accessible, more relevant, and more impactful for underserved groups, including rural communities, agricultural economies, women farmers, smallholder farmers, and young people. She further emphasised that the collaboration with
BOA is an opportunity to design a financial inclusion strategy that is practical, forward-looking, and grounded in the lived realities of the people it seeks to serve, leveraging data, innovation, and strategic partnerships.
EFInA’s Gender Lead, Emezino Afiegbe, speaking on the partnership, stated that “closing the gender gap in access to and usage of relevant financial services in Nigeria cannot be achieved without empowering women within the agricultural value chain, where women play a significant role in driving agricultural output.”
With agriculture contributing approximately 20-25 percent of Nigeria’s GDP, according to reports from the Nigeria Bureau of Statistics, EFInA recognises the significant growth that would be recorded across Nigeria when smallholder farmers, processors and entrepreneurs are adequately financed and resourced.
The Bank of Agriculture’s role is vital towards meeting the credit needs within the agriculture value chain in Nigeria, and we at EFInA are delighted to partner with the bank in deepening engagement with women smallholder farmers and all agriculture practitioners through supporting the implementation of an optimised strategy and enhancement of the bank’s array of customer-centric credit solutions.”
Through this collaboration, EFInA will support BOA in identifying priority segments, value chains, and geographies where targeted interventions can deliver the greatest impact while strengthening BOA’s institutional capacity to design and deliver inclusive financial products at scale. It will further align BOA’s approach with national and global priorities, including gender inclusion, climate resilience, and MSME development, while establishing clear performance metrics and governance mechanisms for effective implementation.
BOA’s ongoing transformation, guided by its five-year strategic plan, positions the institution to play a leading role in reshaping agricultural finance in Nigeria. With a strong emphasis on digitalisation, operational efficiency, and investment in critical enablers such as mechanisation, irrigation, and cold chain infrastructure, the bank is working towards a bold target of achieving tenfold balance sheet growth.
Speaking on the significance of the partnership, Ayo Sotinrin, the managing director/chief executive officer of the Bank of Agriculture, highlighted that “financial inclusion is not just about access to capital; it is about designing systems that truly work for people. Through this MoU with EFInA, the Bank of Agriculture is laying the foundation for a more responsive, data-driven, and inclusive agricultural finance ecosystem in Nigeria. This partnership reflects our commitment to turning insight into impact, building a system that works for every Nigerian farmer and entrepreneur.”
As Nigeria continues to navigate challenges around food security, rural livelihoods, and economic resilience, strengthening the connection between finance and agriculture remains critical. This collaboration represents a step towards building a more inclusive, responsive, and sustainable financial system that supports long-term growth and shared prosperity.
