BoA Overhauls Loan Verification Framework to Curb Fund Diversion
James Emejo in Abuja
The Bank of Agriculture (BoA) yesterday announced a comprehensive reform programme aimed at eliminating the diversion of subsidised agricultural loans to so-called “political farmers”, as it intensifies efforts to ensure government interventions reach genuine smallholder farmers across the country.
The bank’s Managing Director/Chief Executive, Mr. Ayodeji Oludare Sotinrin, disclosed that the institution had overhauled its loan verification framework by introducing a technology-driven credit profiling system incorporating Bank Verification Number (BVN) validation, Know Your Customer (KYC) protocols and Global Positioning System (GPS) farm mapping.
According to him, the new measures are designed to permanently eliminate the longstanding challenge of fictitious beneficiaries and middlemen diverting resources meant for genuine farmers, while promoting transparency and accountability in the deployment of government intervention funds.
