Abuja - A partnership between Nigeria's Bank of Agriculture and technology firm, Cellulant, to provide mobile money banking services to about 30 million Nigerian farmers is forecast to boost the growth of farming.
The newly-forged partnership will enable farmers to enjoy broader base services by leveraging the payment system for money transfers.
The partnership will also enable farmers to access their accounts through the mobile phone, as well as engage in electronic banking transactions using Automatic Teller Machine cards.
Managing Directorof BoA, Mohammed Santuraki, said the mobile money banking services to farmers would serve as a revolution to the agricultural sector.
He also said the partnership would assist in driving financial inclusion services in the country.
This, he noted, would be achieved through an ecosystem that would "integrate the un-banked, rural people, banks, micro-finance banks, insurance companies, commodity traders, agro-credit guarantee agencies and bilateral institutions together seamlessly in such a way and manner that value and interactions that lift the rural poor out of poverty can take place."
Santuraki said this would leverage mobile payments and near field communications technology to bring savings, micro-loans, micro-insurance, loan aggregation, money transfer, and crop-insurance to people at the grass roots.
Speaking at the launch of the partnership, the Group Chief Executive Officer of Cellulant, Ken Njoroge, said the collaboration would be successful because Nigeria has a large domestic market.
- CAJ News