BOI Launches Digital Portal To Simplify Access to Loans for Nigerian Businesses
- The Bank of Industry launched its MyBOI portal to let Nigerian businesses apply for loans and track applications entirely online
- BOI said the platform is built to cut manual processes and reduce the time it takes to process credit applications
- MSMEs, large enterprises, cooperatives and associations are among the customers the new portal is designed to serve
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Bank of Industry (BOI) has launched a new digital platform called MyBOI, which allows Nigerian businesses to apply for financing, complete onboarding and monitor their loan applications from start to finish without visiting a branch.
The bank described the portal as a central part of its Credit Process Re-engineering and Automation Initiative, built to tackle longstanding problems in its financing process, including manual paperwork, multiple customer touchpoints and slow turnaround times that left applicants with little visibility into where their applications stood.
Source: Facebook
Through MyBOI, customers can register, carry out impact and sustainability assessments, submit applications and track progress at every stage of the credit cycle.
The platform also includes automated workflows and secure one-time password authentication to protect users.
What the BOI chief executive said
BOI Managing Director and Chief Executive Officer, Dr Olasupo Olusi, said the portal was designed to remove unnecessary barriers between businesses and development finance.
Olusi said:
"MyBOI Portal represents an important step in our commitment to making development finance more accessible, transparent and responsive to the needs of businesses."
He added that access to finance was not only about the availability of funding but also about making the process of obtaining it easier for customers, and that technology would help the bank deliver that.
The bank also expects the platform to improve data accuracy, reduce human error, strengthen compliance and give its internal teams better reporting and analytics tools for managing credit decisions.
BOI's targets for the MyBOI portal
BOI set out specific performance targets for the platform over the next 12 months, the Nation reports.
The bank aims to grow qualified digital financing applications by 30%, cut front-end application turnaround time by at least 40% within nine months, and ensure that at least 60% of new applications are completed through self-service channels within a year.
The launch followed cybersecurity certification, validation by the Central Bank of Nigeria, a pilot rollout and a go-live readiness assessment.
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To support customers who may need help using the platform, BOI has set up a digital help desk across all 36 state offices.
Businesses can access the MyBOI portal at onlineportal.boi.ng or download the app via Google Play or the App Store.
The platform is open to micro, small and medium-sized enterprises, large businesses, cooperatives, associations and other customers eligible for BOI financing programmes.
FG opens portal; Nigerians can borrow up to N300,000
Earlier, Legit.ng reported that the Nigerian government is set to empower market women, small-scale traders, and artisans with access to zero-interest loans of up to N100,000 through its upcoming programmes, MarketMoni and TraderMoni.
MarketMoni will provide market women with interest-free loans to grow working capital, restock inventory, and expand their businesses.
Beneficiaries will enjoy zero collateral, a 3-month moratorium before repayment, and nationwide coverage across all six geopolitical zones.
Source: Legit.ng
