Bank of Industry has moved its credit application process online with the launch of the MyBOI portal, a step that could speed up development finance access for Nigerian businesses and reduce the bank’s dependence on manual, branch-based processing.
Bank of Industry launches MyBOI online credit portal
The shift matters because BOI is one of the country’s main channels for funding micro, small and medium-sized enterprises, larger corporates, cooperatives and associations. By putting onboarding, sustainability checks, financing applications and application tracking on a single platform, the bank is trying to cut friction in a process that has traditionally been slow, paperwork-heavy and hard to monitor.
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BOI said the portal includes automated workflows and one-time-password authentication, and was launched only after cybersecurity certification, Central Bank of Nigeria validation, a pilot and a readiness assessment. That matters for investors and lenders because digitising credit origination can improve data quality, reduce human bottlenecks and tighten compliance at the same time.
The bank is setting explicit adoption targets: it wants digital financing applications to rise 30% within 12 months, the time needed to start an application to fall at least 40% within nine months, and the self-service rate for new applications to reach 60% within a year. If BOI meets those goals, it would point to a broader push across Nigerian banking to deliver faster loan processing and better visibility for applicants.
BOI managing director and chief executive Olasupo Olusi said the aim is to make “the journey to that funding simpler and more efficient,” while the bank also opened digital help desks across its 36 state offices to support users. The next test is whether the portal can turn easier access into a measurable lift in funded projects without weakening security or credit discipline.
| Entity | Gains | Losses |
|---|---|---|
| BOI | ▲Faster loan processing | ▼Manual bottlenecks |
| MSMEs and corporates | ▲Easier credit access | ▼Paper-based delays |
| Regulators | ▲Better audit visibility | ▼Less room for opacity |
| Legacy branch channels | ▲Lower relevance | ▼Lost process volume |
