The Bank of Industry (BOI) has launched the MyBOI Portal, enabling Nigerian business owners to apply for financing entirely online. The platform allows new and existing customers to create business profiles, submit loan applications, upload supporting documents, and track progress without visiting a physical branch.
Who Can Apply for a BOI Loan?
Nigerian businesses registered with the Corporate Affairs Commission (CAC) are eligible to apply, though each financing facility has its own specific requirements. Applicants generally need a valid Bank Verification Number (BVN) for the owner or directors, a verifiable business bank account, and must satisfy BOI's credit and cash-flow assessment.
Businesses in manufacturing, agro-processing, digital economy, creative industries, and energy may qualify for certain programmes. BOI provides financing options for micro enterprises, SMEs, and large businesses.
Step-by-Step Application Process
1. Create a MyBOI Account
First-time applicants must register on the MyBOI Portal using their company registration details, such as an RC or BN number, a valid email address, and other business information. An OTP is sent to the registered email for verification. After verification, new customers can begin onboarding, while existing customers can proceed to apply for a facility.
2. Complete Your Business Profile
Applicants must provide accurate and complete business information during the onboarding and assessment stages. Incorrect or missing details can delay the application.
3. Select the Loan Facility
After completing the profile, applicants choose the BOI financing facility that matches their needs. Funds can be used for working capital, inventory, equipment, expansion, or other operating needs. The loan amount depends on business size, transaction history, cash flow, credit profile, and repayment capacity.
4. Upload Required Documents
Applicants must upload documents specific to their chosen facility. Common documents include:
- CAC registration documents
- Valid government-issued identification
- BVN
- Business bank account details and statements
- Tax Identification Number (TIN), where applicable
- Business plan or feasibility study
- Proforma invoices or quotations
- Evidence of business premises
- Relevant licences and regulatory approvals
- Financial statements, where applicable
BOI's current assessment information indicates that business bank statements are generally required for six to 12 months, while recent audited accounts are required for facilities above ₦10 million. Applicants should also provide evidence explaining how the funds will be used.
Requirements for Loans Up to ₦10 Million
For micro facilities of ₦10 million or less, BOI requires a business plan, equipment quotations, raw-material quotations, the promoter's identification and BVN, a one-year bank statement for existing businesses, and relevant regulatory approvals. Depending on the facility, a guarantor or acceptable security may also be required.
For SME and large-enterprise facilities above ₦10 million, BOI may require audited financial statements, management accounts, feasibility studies, bank statements, CAC documents, tax clearance certificates, regulatory approvals, security documents, and possibly additional Environmental, Social and Governance (ESG) documents. Business owners should check the requirements of their chosen facility before submitting.
Submit and Track Your Application
After completing the application and uploading all required documents, applicants can submit the financing request through the MyBOI Portal. BOI states that an application is not considered submitted until all required documents are uploaded. However, submission does not guarantee funding; each request remains subject to BOI's credit assessment and eligibility requirements.
Applicants can monitor their requests through the MyBOI dashboard and receive notifications at key stages. BOI says processing time depends on the facility type and document completeness; its FAQ states that most applications receive an initial response within two to four weeks. Submitting complete and accurate information can help avoid unnecessary delays.
