NEWS
BOI Launches Online Loan Portal to Cut Paperwork for Nigerian Businesses
BOI Launches Online Loan Portal to Cut Paperwork for Nigerian Businesses
MyBOI lets businesses apply for financing and track their applications online.
Applicants still need registration documents and financial records.
BOI targets a 40% reduction in the time needed to initiate applications.
Channel
The portal does not guarantee approval or a single interest rate for every borrower.
October 02, () – The Bank of Industry has launched MyBOI, a digital portal that allows Nigerian businesses to apply for financing and follow their applications online, targeting the paperwork and branch visits involved in seeking credit.
Announced on October 2, the platform brings registration, document submission and application tracking into one process. BOI’s website directs customers to onlineportal.boi.ng to apply, track and manage financing requests.
Businesses can save an application and return to it, check its status and see required actions. That gives applicants a way to follow outstanding requirements without starting the process afresh each time.
What Businesses Need to Apply
The portal moves the application online, but businesses still need records that allow the bank to assess them.
BOI’s published guidance lists Corporate Affairs Commission registration documents, a verifiable business bank account, identification and Bank Verification Numbers for the relevant owners or directors. Business bank statements covering six to 12 months are usually required.
Depending on the business and financing request, applicants may also need a tax identification number, regulatory licences and suppliers’ invoices for equipment or other purchases.
The amount available depends on the business’s cash flow, transaction history, credit profile and capacity to repay. Startups may be considered on a case-by-case basis, including their viability and projected cash flows.
For a business owner preparing to apply, gathering those records is therefore as important as opening an account on the platform.
Faster Applications Still Face Credit Checks
Bank of Industry headquarters in Abuja Source Getty Images
BOI says it aims to reduce the time needed to initiate an application by at least 40% within nine months. It also targets a 30% increase in qualified digital financing applications within a year.
These are targets, not results already achieved. The 40% figure concerns starting an application, rather than the time required to approve a loan or release the money. The bank says its credit checks remain in place.
Interest rates and fees depend on the financing product, repayment period and assessed risk. Collateral or guarantees may be required. Depending on the facility, approved money may go directly to a supplier rather than into the applicant’s account.
The application process has not been independently tested end to end for this report.
Businesses can begin through the official MyBOI portal, but should examine the repayment schedule, charges and security requirements before accepting any offer.