The Bank of Industry (BOI) has launched MyBOI, an end-to-end digital lending portal designed to make it easier for Nigerian businesses to apply for financing and track their applications without relying as heavily on manual processes and branch visits.
The portal, which went live on October 2, is part of BOI’s digital transformation and Credit Process Re-engineering and Automation Initiative. It allows customers to register, complete onboarding, carry out impact and sustainability assessments, submit financing applications and monitor their progress through the credit process.
BOI said MyBOI is designed to serve micro, small and medium-sized enterprises, large businesses, cooperatives, associations and other eligible customers seeking financing from the development finance institution. The platform also uses automated workflows and one-time-password authentication.
According to BOI Managing Director and Chief Executive Officer, Olasupo Olusi, improving access to finance involves not only increasing the funds available to businesses but also making the process of obtaining financing simpler and more efficient.
The bank said the digital system is intended to reduce unnecessary delays, improve visibility for applicants and reduce human intervention in parts of the credit process. It is also expected to improve customer-data accuracy, compliance and BOI’s ability to monitor applications and make decisions.
BOI has set specific targets for the platform. It aims to increase qualified digital financing applications by 30 per cent within 12 months, reduce the time required to initiate applications by at least 40 per cent within nine months, and achieve at least 60 per cent self-service adoption for new applications within 12 months.
The bank said the launch followed cybersecurity certification, Central Bank of Nigeria validation, pilot implementation and a go-live readiness assessment. It has also established digital help desks across its 36 state offices to assist customers using the platform.
The launch comes as BOI seeks to expand the reach of development finance. The bank said it disbursed ₦645 billion to more than 12,000 businesses in 2025, with the interventions reported to have impacted 1.68 million jobs.
MyBOI therefore changes the front end of the borrowing process, but it does not remove BOI’s credit assessment requirements. Businesses still have to provide the documents and information required for the relevant financing product, while approval and disbursement remain subject to the bank’s assessment and conditions.
For Nigerian businesses that have traditionally faced lengthy financing procedures, the significance of MyBOI will ultimately depend on whether the digital process translates into shorter application times and a more transparent path from submitting an application to receiving a credit decision.
