BOA, SunTrust Bank partner on mobile banking

The Bank of Agriculture (BOA) and SunTrust Bank have sealed an e-banking 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.

While signing the agreement at the Federal Ministry of Agriculture in Abuja yesterday, the 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.

“We will also provide training support to BOA staff,” Jibrin added.

In his remarks, the MD of BOA, Kabiru Adamu, was hopeful that the pact would revolutionise agriculture in the country.

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.

The Minister of Agriculture, Audu Ogbe, said the MoU “will change the face of farming in the country.”

Mr. Ogbe who regretted that the BOA had been in difficulty over the years, said he expected that the new agreement and partnership with SunTrust Bank would get it out of the woods.

“We have been trying to set up IT services at BOA, but it has been difficult. We hope that with your backing, the services will eventually come to fruition,” the minister said.

“30 per cent of BOA will be owned by farmers which will eventually make it to be referred to as Farmers’ Bank like the one in China,” Ogbe said.