BOI Launches Online Loan Application for Nigerian Businesses

Nigerian business owners seeking funding can apply for loans through the Bank of Industry (BOI) via the new MyBOI Portal. This online platform allows both new and existing customers to create profiles, apply for financing, upload documents, and track application progress without physical visits.

To qualify, businesses must be registered with the Corporate Affairs Commission (CAC) and meet specific eligibility criteria, including having a valid Bank Verification Number (BVN) and a verifiable business bank account. First-time applicants must register using their company details and verify their accounts through an OTP sent to their email.

The amount accessible depends on factors such as business size, transaction history, and credit profile. Required documents vary by financing facility, with businesses needing to provide bank statements, audited accounts for larger loans, and evidence of fund usage.

Different documentation requirements apply for micro facilities of ₦10 million or less compared to larger facilities.