BOA Rural Business Initiative (BOARBI) Savings Account
The BOA Rural Business Initiative (BOARBI) Savings Account is specifically designed to empower individuals and groups at the grassroots level — those at the bottom of the economic pyramid. It provides a flexible and accessible savings platform for cooperatives, Self-Help Groups (SHGs), associations, and other community-based organizations engaged in micro crops, micro livestock farming, and various micro-enterprises.
Who Is This Account For?
- Cooperatives and community groups
- Self-Help Groups (SHGs)
- Associations involved in small-scale agricultural activities
- Micro entrepreneurs engaged in micro crop production, micro livestock, and other small enterprises
Why BOARBI Accounts
Key Features & Benefits
- Supports both voluntary upfront savings and monthly compulsory savings to build consistent financial discipline
- Low minimum balance requirements tailored to the financial realities of rural communities
- Helps members build savings collectively for business growth, emergencies, and future investments
- Access to financial literacy programs and business support services
- Convenient banking options designed for rural settings, including mobile and agent banking
- Opportunities to qualify for special rural development loans and grants
How to Open a BOARBI Account
To open an account, the following are required:
- Completed account opening form
- Identification documents of authorized signatories
- Registration documents of the cooperative, SHG, or association
- Group resolution authorizing account opening
- Passport photographs and proof of address
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