The Bank of Industry (BOI) has introduced a new digital platform designed to make it easier for businesses in Nigeria to apply for financing without having to make repeated visits to its branches.

The new platform, known as MyBOI, allows businesses to register, submit required documents, apply for financing and monitor the progress of their applications online.

According to information published by the bank, applicants can access the platform through its online portal, where they can also save incomplete applications and return to them later. The system enables users to see the status of their applications and identify any outstanding requirements.

Documents Still Required

Although the new system moves much of the application process online, businesses will still need to provide documentation required for credit assessment.

These include Corporate Affairs Commission registration documents, a verifiable business bank account, identification documents and Bank Verification Numbers (BVNs) for relevant business owners or directors.

Applicants may also be required to provide bank statements covering between six and 12 months. Depending on the type of financing being requested, additional documents such as a Tax Identification Number, regulatory licences and suppliers’ invoices may also be required.

BOI says the amount a business may qualify for will depend on factors including its cash flow, transaction history, credit profile and ability to repay. Start-ups may also be considered based on their viability and projected cash flows.

BOI Targets Faster Application Processing

The bank says the digital initiative is expected to reduce the time required to begin a financing application by at least 40 per cent within nine months.

It is also targeting a 30 per cent increase in qualified digital financing applications over a 12-month period.

However, the bank’s targets relate to the beginning of the application process and do not mean that loan approvals or disbursements will necessarily be completed within the same timeframe.

Credit assessment and other lending requirements will continue to apply.

Interest Rates and Other Conditions

The introduction of the online portal does not mean that all businesses will receive financing under the same terms.

Interest rates and fees will depend on the particular financing product, repayment period and the risk assessment of the applicant. Some facilities may also require collateral or guarantees.

In certain cases, approved funds may be paid directly to a supplier rather than transferred into the borrower’s account.

Businesses seeking financing through the platform are therefore expected to review repayment terms, applicable charges and any security requirements before accepting an offer.

The MyBOI platform is part of BOI’s broader effort to digitise its financing application process and make access to its services more convenient for Nigerian businesses.

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