BOI Launches MyBOI Portal for Online Credit Applications

The Bank of Industry (BOI) has introduced the MyBOI portal, an online platform designed for customers to apply for and track credit facilities. This initiative is part of BOI's digital transformation and credit process re-engineering efforts, aiming to minimize reliance on manual procedures.

The portal allows users to create accounts, complete onboarding, conduct impact assessments, submit financing applications, and monitor their application status. It features automated workflows and one-time-password authentication, catering to micro, small, and medium-sized enterprises, large businesses, cooperatives, and other eligible applicants.

Dr Olasupo Olusi, the managing director and chief executive officer of BOI, stated that the portal simplifies the application process and enhances visibility for customers. The bank aims to increase digital financing applications by 30% within 12 months, reduce application initiation time by 40% within nine months, and achieve a 60% self-service rate for new applications within 12 months.

The portal was launched following cybersecurity certification and validation by the Central Bank of Nigeria.