The Bank of Industry (BOI) has introduced MyBOI, an end-to-end digital portal aimed at making it easier for Nigerian businesses to access financing while reducing processing time and paperwork.

The bank said the platform is part of its digital transformation strategy and Credit Process Re-engineering and Automation Initiative, which are designed to broaden access to development finance and improve the customer experience.

MyBOI allows customers to register and complete their onboarding digitally, carry out impact and sustainability assessments, submit financing applications and monitor their progress throughout the credit process.

The platform also incorporates automated workflows and secure one-time password (OTP) authentication. These features are intended to allow customers to handle more stages of their financing applications online, reducing dependence on physical branches and manual procedures.

The portal is available to micro, small and medium enterprises (MSMEs), large businesses, cooperatives, associations and other eligible customers seeking financing from BOI.

Speaking on the initiative, BOI Managing Director and Chief Executive Officer, Dr Olasupo Olusi, said the platform was created to remove unnecessary obstacles businesses face when seeking development finance.

“MyBOI Portal represents an important step in our commitment to making development finance more accessible, transparent and responsive to the needs of businesses,” Olusi said.

He explained that improving access to finance goes beyond making funds available, stressing the importance of making the application process simpler and more efficient.

According to Olusi, MyBOI is expected to minimise avoidable delays, give applicants better visibility of their applications and provide a more convenient channel for engaging with the bank, while retaining the security and due diligence requirements associated with lending.

BOI said the platform is also expected to improve the accuracy of customer information, limit manual intervention, strengthen compliance and support quicker financing decisions.

Its reporting and analytical functions are designed to strengthen the bank’s monitoring and management of the credit process.

Under its implementation targets, BOI aims to increase qualified digital financing applications by 30 per cent within 12 months. The bank also plans to cut the time needed to initiate applications by at least 40 per cent within nine months and achieve at least 60 per cent self-service adoption for new applications within 12 months.

According to BOI, the launch came after the completion of cybersecurity certification, Central Bank of Nigeria validation, pilot implementation and a successful go-live readiness assessment.

To support customers in adopting the platform, the bank has established digital help desks across its 36 state offices. The desks will assist customers with accessing and navigating MyBOI.

BOI said the digital initiative is intended to reduce the amount of time businesses spend navigating financing procedures, allowing them to focus more on their operations, expansion and growth.

Source: MSME Africa Online