Bank of Industry has launched MyBOI, a fully digital lending portal, to simplify credit applications, reduce financing delays and improve access to funding for Nigerian businesses.
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The Banks seeks to cut barriers to credit and make financing more accessible to Nigerian businesses through the end-to-end lending portal.
Dr. Olasupo Olusi, Managing Director/Chief Executive of the bank, said “Access to finance is not only about the availability of funding; it is also about making the journey to that funding simpler and more efficient.”
Under the new platform, Micro, Small and Medium Enterprises (MSMEs); large businesses; cooperatives; associations; and other eligible customers can initiate financing applications, complete onboarding, undertake impact and sustainability assessments, submit documents, and track their applications digitally throughout the credit lifecycle.
MyBOI Portal replaces significant elements of the traditionally manual and branch-dependent financing journey with automated workflows, digital authentication and real-time application tracking.
With the launch, the bank’s objectives include increasing qualified digital financing application intake by 30 per cent within 12 months, reducing front-end application initiation turnaround time by at least 40 per cent within nine months, and achieving at least 60 per cent self-service adoption for new applications within 12 months.
In a statement, the BOI MD said, “MyBOI portal represents an important step in our commitment to making development finance more accessible, transparent and responsive to the needs of businesses.
“We recognise that access to finance is not only about the availability of funding; it is also about making the journey to that funding simpler and more efficient.
“Through MyBOI Portal, we are using technology to reduce unnecessary friction, improve visibility and give our customers a more seamless way to engage with BoI, while maintaining the security, rigour and developmental purpose for which the Bank is known.”
The initiative, according to the bank, is designed not merely to digitise its lending process, but to also remove bottlenecks that can delay viable businesses from converting financing opportunities into investments, production and jobs.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
