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The Bank of Industry has launched a new digital platform, MyBOI, to simplify access to credit and make its financing process faster and more transparent for businesses.
The bank, in a statement on Sunday October 4th said the portal was developed as part of its digital transformation and Credit Process Re-engineering and Automation Initiative.
According to BOI, MyBOI is designed to address some of the challenges associated with its traditional manual and branch-based financing process, including lengthy turnaround times, multiple customer touchpoints, fragmented application procedures and limited visibility into the status of loan applications.
The platform allows customers to register, complete onboarding, conduct impact and sustainability assessments, submit financing applications and track their applications throughout the credit process.
It also features automated workflows and secure one-time-password authentication to enhance the efficiency and security of transactions.
The portal is targeted at micro, small and medium enterprises, large businesses, cooperatives, associations and other eligible customers seeking financing from the development finance institution.
The Managing Director and Chief Executive Officer of BOI, Dr Olasupo Olusi, said the initiative was aimed at making development finance more accessible and responsive to the needs of businesses.
Olusi said access to finance should not be limited to the availability of funds but should also include a simpler and more efficient process for obtaining financing.
He said the new platform would reduce unnecessary delays, improve visibility for applicants and provide customers with a more seamless way to interact with the bank while maintaining the required security and compliance standards.
BOI said MyBOI was also expected to improve data accuracy, reduce human intervention, strengthen compliance and support faster decision-making.
The bank added that the platform would provide enhanced reporting and analytics to improve the management of its credit processes.
As part of its targets, BOI said it planned to increase qualified digital financing applications by 30 per cent within 12 months, reduce the turnaround time for initiating 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 bank said the portal was launched after the completion of cybersecurity certification, Central Bank of Nigeria validation, pilot testing and a successful go-live readiness assessment.
To support customers, BOI has established digital help desks across its 36 state offices to assist applicants in navigating the platform.
Customers can access MyBOI through the BOI online portal or download the application through Google Play and the App Store.
The launch comes shortly after BOI disclosed that it disbursed N645bn to micro, small and medium enterprises in 2025, benefiting more than 12,000 businesses and impacting about 1.68 million jobs.
Olusi disclosed the figures in Abuja at the third BOI Annual Public Lecture, themed, “Rethinking Capital for Inclusive Economic Transformation.”
He said Nigeria needed more long-term capital to support industrial growth, expand financing to underserved businesses and attract private investment into productive sectors.
The BOI chief also stressed the need for development finance institutions to focus not only on mobilising and deploying capital but also on ensuring that financing produced measurable economic outcomes.
Former World Bank Director and Adjunct Professor at Georgetown University, Asad Alam, who was the guest speaker at the event, called for stronger collaboration among development finance institutions to mobilise more capital for productive sectors of the economy.
