The Bank of Industry (BOI) has launched MyBOI, a new digital portal that allows Nigerian businesses to apply for financing, complete onboarding, and monitor loan applications from start to finish without visiting a branch. The platform is part of BOI's Credit Process Re-engineering and Automation Initiative, aimed at addressing longstanding issues in its financing process, including manual paperwork, multiple customer touchpoints, and slow turnaround times.
MyBOI Portal Features and Capabilities
Through MyBOI, customers can register, carry out impact and sustainability assessments, submit applications, and track progress at every stage of the credit cycle. The platform includes automated workflows and secure one-time password authentication to protect users.
The portal is designed to serve micro, small, and medium-sized enterprises (MSMEs), large enterprises, cooperatives, associations, and other customers eligible for BOI financing programmes. Businesses can access MyBOI at onlineportal.boi.ng or download the app via Google Play or the App Store.
BOI CEO's Statement on Digital Transformation
BOI Managing Director and Chief Executive Officer, Dr Olasupo Olusi, said the portal was designed to remove unnecessary barriers between businesses and development finance. He stated, "MyBOI Portal represents an important step in our commitment to making development finance more accessible, transparent and responsive to the needs of businesses."
Olusi added that access to finance is not only about the availability of funding but also about making the process of obtaining it easier for customers, and that technology would help the bank deliver that. The bank also expects the platform to improve data accuracy, reduce human error, strengthen compliance, and give its internal teams better reporting and analytics tools for managing credit decisions.
Performance Targets and Next Steps
BOI set specific performance targets for the platform over the next 12 months, according to the Nation. The bank aims to grow qualified digital financing applications by 30%, cut front-end application turnaround time by at least 40% within nine months, and ensure at least 60% of new applications are completed through self-service channels within a year.
The launch followed cybersecurity certification, validation by the Central Bank of Nigeria, a pilot rollout, and a go-live readiness assessment. To support customers needing help, BOI has set up a digital help desk across all 36 state offices.
The launch of MyBOI is expected to simplify access to development finance, reduce paperwork, and improve transparency for Nigerian businesses seeking loans.
