The Bank of Industry (BOI) has launched its new digital platform, MyBOI, to enable Nigerian businesses to apply for financing, complete onboarding and monitor their loan applications online without visiting a physical branch.
Key Highlights
- BOI’s MyBOI portal allows businesses to apply for financing online.
- Applicants can complete onboarding and track their loan applications digitally.
- The platform uses automated workflows and one-time password (OTP) authentication.
- BOI targets a 30 per cent increase in qualified digital financing applications within 12 months.
- The bank plans to reduce front-end application processing time by at least 40 per cent within nine months.
- MyBOI is available to eligible MSMEs, large businesses, cooperatives and associations.
The bank said the platform was developed under its Credit Process Re-engineering and Automation Initiative, which aims to reduce paperwork, eliminate multiple customer touchpoints and shorten the time required to process financing applications.
Through the MyBOI portal, customers can register, complete impact and sustainability assessments, submit financing applications and monitor the progress of their requests throughout the credit process.
The platform also features automated workflows and secure one-time password (OTP) authentication to enhance user security.
The Managing Director and Chief Executive Officer of BOI, Dr Olasupo Olusi, said the new platform was designed to remove unnecessary barriers between businesses and development finance.
Olusi said the initiative represented an important step in the bank’s effort to make development finance more accessible, transparent and responsive to the needs of businesses.
He added that access to finance was not simply about making funds available, but also ensuring that businesses could access financing through a simpler and more convenient process.
According to the BOI chief executive, technology would play an important role in helping the bank achieve that objective.
The bank also expects MyBOI to improve data accuracy, minimise human errors, strengthen compliance and provide its internal teams with enhanced reporting and analytics capabilities for credit management and decision-making.
BOI has established several performance targets for the platform over the next 12 months.
The targets include a 30 per cent increase in qualified digital financing applications, a reduction of front-end application turnaround time by at least 40 per cent within nine months, and ensuring that at least 60 per cent of new applications are completed through self-service channels within one year.
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The launch followed cybersecurity certification, validation by the Central Bank of Nigeria (CBN), a pilot rollout and a go-live readiness assessment.
The MyBOI platform is available to micro, small and medium-sized enterprises (MSMEs), large businesses, cooperatives, associations and other customers who meet the eligibility requirements for BOI financing programmes. More information about BOI’s programmes is available on the official Bank of Industry website.
To assist customers who may require support while using the platform, BOI has established a digital help desk across all 36 state offices.
Businesses can access the MyBOI portal online, while the application is also available through Google Play and the App Store.
The digital initiative is expected to simplify the financing application process while giving applicants greater visibility into the progress of their requests.
By moving key stages of the credit process online, BOI said the platform would support a more transparent and efficient approach to accessing development finance for eligible businesses across Nigeria. For the latest updates, follow us on X.
