The Bank of Agriculture (BoA) has said farmers must take insurance on every loan accessed through the bank, no matter the amount involved for risk management. Its Managing Director, Alwan Ali Hassan, who made this known in an interview with The Nation, encouraged farmers to take insurance on any loan accessed as the premium is low and affordable. For the small loans up to N1 million, Hassan said the borrower will need to provide two guarantors as collateral, while for amounts over N1 million, the bank will take property security or bank guarantee. This, he said, would safeguard against default. Noting that the bank would continue to attend to individual small holder farmers, he urged the farmers to go into cooperatives, as lending to cooperatives poses less risk of defaulting. However, he said it is easier and faster for legitimate registered groups to get the bank’s assistance. He said: “The members of the group are made to sign guarantees whereby if one of the members cannot  pay, the association has to pay for everyone.