BOI Moves Credit Applications Online With MyBOI Portal

The Bank of Industry (BOI) has launched the MyBOI portal, an online platform for customers to apply for and track credit facilities.

The platform forms part of the bank’s digital transformation and credit process re-engineering initiative. It is intended to reduce reliance on manual and branch-based procedures in the financing process.

Through the portal, customers can create accounts, complete onboarding, undertake impact and sustainability assessments, submit financing applications and monitor their progress.

The platform also includes automated workflows and one-time-password authentication.

It is available to micro, small and medium-sized enterprises, large businesses, cooperatives, associations and other eligible applicants seeking BOI financing.

The managing director and chief executive officer of BOI, Dr Olasupo Olusi, said the portal would make the process of applying for development finance simpler and provide applicants with more information on the status of their applications.

“Access to finance is not only about the availability of funding; it is also about making the journey to that funding simpler and more efficient,” Olusi said.

He said the platform would reduce unnecessary manual processes, improve visibility for customers and retain the bank’s security and compliance requirements.

BOI said the platform is expected to improve data accuracy, reduce direct human involvement in application processing and support faster decisions. It will also provide the bank with reports and data to monitor the credit process.

The bank said it plans to increase 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 a 60 per cent self-service rate for new applications within 12 months.

The portal was launched after cybersecurity certification, validation by the Central Bank of Nigeria, a pilot exercise and a go-live readiness assessment, according to BOI.

The bank said it has established digital help desks at its offices in the 36 states to assist customers using the portal.