The Bank of Industry (BOI) has introduced the MyBOI portal, a digital platform designed to simplify the process of applying for and tracking credit facilities. This move is part of the bank's efforts to enhance its digital capabilities and improve the efficiency of its credit processes. The MyBOI portal is expected to reduce the bank's reliance on manual and branch-based procedures, making it easier for customers to access financing. The platform is open to various applicants, including micro, small and medium-sized enterprises, large businesses, cooperatives, and associations.
Through the MyBOI portal, customers can create accounts, complete onboarding processes, and undertake impact and sustainability assessments. They can also submit financing applications and monitor their progress in real-time. The platform features automated workflows and one-time-password authentication to ensure a secure and seamless experience. According to BOI, the portal is designed to provide applicants with more information on the status of their applications, making the financing process more transparent and efficient.
The managing director and chief executive officer of BOI, Dr Olasupo Olusi, emphasized that access to finance is not only about the availability of funding but also about making the journey to that funding simpler and more efficient. He noted that the MyBOI portal would reduce unnecessary manual processes, improve visibility for customers, and retain the bank's security and compliance requirements. By leveraging technology, BOI aims to enhance customer experience and improve the overall efficiency of its credit processes.
The MyBOI portal is expected to bring several benefits to BOI, including improved data accuracy, reduced direct human involvement in application processing, and support for faster decisions. The platform will also provide the bank with reports and data to monitor the credit process, enabling it to make informed decisions and optimize its operations. By increasing digital financing applications, BOI plans to reduce the time required to initiate applications and achieve a higher self-service rate for new applications.
BOI has set ambitious targets for the MyBOI portal, including increasing digital financing applications by 30 per cent within 12 months, reducing the time required to initiate applications by at least 40 per cent within nine months, and achieving a 60 per cent self-service rate for new applications within 12 months. To ensure a smooth transition, the bank has established digital help desks at its offices in the 36 states to assist customers using the portal.
Before launching the MyBOI portal, BOI conducted a pilot exercise, obtained cybersecurity certification, and received validation from the Central Bank of Nigeria. The bank also performed a go-live readiness assessment to ensure that the platform was ready for use. These measures demonstrate BOI's commitment to delivering a secure and reliable digital platform that meets the needs of its customers.
The introduction of the MyBOI portal is a significant milestone in BOI's digital transformation journey. By leveraging technology, the bank aims to enhance customer experience, improve operational efficiency, and increase access to finance for various stakeholders. As the platform continues to evolve, it is expected to play a critical role in driving economic growth and development in Nigeria.
Key points
- The MyBOI portal is designed to simplify the process of applying for and tracking credit facilities.
- The platform is expected to improve data accuracy, reduce direct human involvement in application processing, and support faster decisions.
- BOI plans to increase digital financing applications by 30 per cent within 12 months and achieve a 60 per cent self-service rate for new applications within 12 months.
