How BoA Recovered N10b Loan from Farmers

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How BoA Recovered N10b Loan from Farmers

 

The Bank of Agriculture (BoA) has said it has recovered about N10 billion from farmers in the last one and half years, using the recovery task force committee and recovery agents of the bank.

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It said the recovered loans are from the Anchor Borrowers’ Programme and the bank’s traditional loans.

A source, who is a member of the bank’s recovery task force, made this known to The Nation in an exclusive interview.

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The source said the task force was set up by the Managing Director of the bank in August 2020, purposely for the Central Bank of Nigeria (CBN’s) Anchor Borrowers’ Programme (ABP) loans, while recovery agents were left to handle the traditional loans of the bank.

Similarly, the source said an incentive was introduced by the bank through granting concession on the interest, which has helped customers repay.

The source added that the recovery task force committee from BOA has been working closely with CBN officials and engaging the ABP beneficiaries with the focus on repayment of their loans.

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Giving the breakdown of the recovery, the member of the bank’s recovery task force, said over N6 billion was recovered from the ABP in the last one and half years, while over N3 billion was recovered from the traditional loans of the bank within the same period.

The source further appealed to the public to continue to repay the loan taken from the bank for continuity.

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