BoA, SunTrust Bank sign MoU on Agric banking

By April 10, 2018 Investment News

The Bank of Agriculture and SunTrust Bank have sealed an e-banking agreement as part of efforts at revitalising agriculture in the country.

The agreement, according to a statement on Monday, was signed at the Federal Ministry of Agriculture in Abuja.

The Managing Director/Chief Executive Officer, SunTrust Bank Nigeria Limited, Muhammad Jibrin, and the CEO, Bank of Agriculture, Kabiru Adamu, signed for their respective banks during the event.

The statement said the agreement would, among other things, allow SunTrust Bank to deploy its innovative banking services and other complimentary e-banking services to simplify BoA services to its farmer customers across its 140 branches in the country.

The SunTrust Bank boss said the deal would also allow the bank to deploy its banking platforms technology like ATMs and other infrastructure for the over one million farmers in the kitty of BoA.

Jibrin, “We will also provide training support to the BoA staff, and at the end of the day, it will be a mutually benefitting agreement to all parties.”

Adamu expressed optimism that the MoU would revolutionise agriculture in the country.

According to him, both banks have agreed to bring together their mutually unique capabilities and experiences to enable BoA to serve its customers and facilitate quicker penetration of the unbanked farmers.

He said SunTrust Bank would provide electronic payment solutions using its existing platform, including USSD, Mobile Money Service, Merchant and Settlement Accounts for e-transaction.

Also speaking, the Minister of Agriculture, Audu Ogbeh, said he was elated by the MoU, adding that the “landmark deal will change the face of farming in the country”.


Source: Punch