The Bank of Industry (BoI) has introduced a fully digital lending portal, MyBOI, to make financing more accessible to Nigerian businesses. This end-to-end lending platform aims to simplify the credit process, ease access to business finance, and shorten the path to credit. By doing so, it seeks to expand access to productive activity and support business growth. The portal is designed to address the concerns of businesses that depend on timely working capital and investment funding to expand operations.
According to BoI's Managing Director/Chief Executive, Dr. Olasupo Olusi, access to finance should not only be measured by the availability of funding but also by the efficiency of obtaining it. He emphasized that the journey to funding should be simpler and more efficient. The MyBOI portal uses technology to reduce unnecessary friction, improve visibility, and provide customers with a seamless way to engage with BoI while maintaining security and rigour.
The MyBOI portal represents a significant step in BoI's commitment to making development finance more accessible, transparent, and responsive to business needs. The platform allows Micro, Small and Medium Enterprises (MSMEs), large businesses, cooperatives, associations, and other eligible customers to initiate financing applications, complete onboarding, and track their applications digitally throughout the credit lifecycle.
The initiative aims to remove bottlenecks that can delay viable businesses from converting financing opportunities into investments, production, and jobs. By automating workflows, digital authentication, and real-time application tracking, the portal improves data accuracy, reduces human interface, strengthens compliance, and supports faster decision-making.
BoI expects the portal to improve the management of the credit process by providing enhanced reporting and analytics. The bank's ambition is to become more digitally enabled, and this initiative aligns with that goal. By leveraging technology, BoI aims to increase access to finance and support business growth in Nigeria.
The MyBOI portal is expected to increase credit applications, with a projected 30% rise. This is a significant development, as access to finance remains a critical challenge for many Nigerian businesses. By simplifying the credit process and making financing more accessible, BoI hopes to support the growth of businesses and contribute to Nigeria's economic development.
The launch of the MyBOI portal is a welcome development for Nigerian businesses, particularly MSMEs, which often face significant challenges in accessing finance. With this platform, businesses can now navigate the credit process more efficiently, and BoI can provide more effective support to the businesses that drive economic growth.
Key points
- BoI's new 'MyBOI' portal aims to simplify credit process and cut funding delays for Nigerian businesses.
- The platform is expected to increase credit applications by 30%.
- The initiative aligns with BoI's ambition to become a more digitally enabled institution.
