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The Bank of Industry (BOI) has launched MyBOI, an end-to-end digital portal designed to simplify access to credit and reduce the time and paperwork involved in applying for financing.
The bank said the platform is part of its digital transformation and Credit Process Re-engineering and Automation Initiative, aimed at making development finance more accessible while improving customer experience.
Through MyBOI, customers can register, complete onboarding, undertake impact and sustainability assessments, submit financing applications and track their progress throughout the credit process.
The portal also features automated workflows and secure one-time password (OTP) authentication, allowing customers to handle more aspects of their financing applications without relying heavily on physical branches or manual processes.
The solution is designed for micro, small and medium enterprises (MSMEs), large businesses, cooperatives, associations and other eligible customers seeking BOI financing.
Speaking on the initiative, BOI Managing Director/Chief Executive Officer, Dr Olasupo Olusi, said the portal was designed to remove unnecessary hurdles in accessing 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 said access to finance was not only about the availability of funds, but also about making the process of obtaining them simpler and more efficient.
According to him, the portal would reduce unnecessary delays, improve visibility for customers and provide a smoother way of engaging with the bank, while retaining the security and due diligence required in lending.
BOI said the platform is also expected to improve the accuracy of customer data, reduce human intervention, strengthen compliance and support faster decision-making.
The bank added that the system would provide enhanced reporting and analytical capabilities, enabling it to better monitor and manage the credit process.
As part of its targets, BOI said it aims to increase qualified digital financing applications by 30 per cent within 12 months, reduce the time required 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.
The launch followed the completion of cybersecurity certification, Central Bank of Nigeria (CBN) validation, pilot implementation and a successful go-live readiness assessment, the bank said.
To support customers, BOI has established digital help desks across its 36 state offices, where applicants can receive assistance with using the platform.
The bank said the initiative would help businesses spend less time navigating financing procedures and more time focusing on their operations and growth.
