The Bank of Industry (BOI) has launched a new digital platform that will allow Nigerian businesses to apply for financing and track their applications online, as the development finance institution moves to reduce some of the delays associated with its lending process.
The platform, called MyBOI, went live on Thursday and is designed to move several stages of the financing process online, including customer onboarding, application submission and tracking.
The service is available to micro, small and medium-sized businesses, large companies, cooperatives, associations and other businesses that meet BOI’s financing requirements.
For businesses seeking funding, the change means some of the processes that previously required direct interaction with the bank can now be handled digitally.
BOI Managing Director, Olasupo Olusi, said the challenge facing businesses was not simply the availability of money but also how easily they could access it.
The bank said the platform is expected to reduce manual intervention in the lending process and give applicants more visibility over the progress of their applications.
BOI is targeting a 30 per cent increase in qualified digital financing applications within the next 12 months. It also expects the platform to cut the time needed to begin an application by at least 40 per cent within nine months.
The bank is also targeting 60 per cent self-service adoption for new applications within 12 months.
The move comes as access to finance remains an important issue for Nigerian businesses, particularly smaller companies that need money for working capital, equipment, expansion and other business activities.
BOI said it disbursed ₦645 billion to more than 12,000 businesses in 2025, with the financing supporting an estimated 1.68 million jobs across different value chains.
However, putting the application process online does not mean businesses will automatically receive financing. Applicants will still have to meet the bank’s lending requirements and pass its assessment process.
BOI said it has also set up digital help desks at its state offices to assist customers who encounter difficulties using the platform.
The launch therefore changes how businesses can begin their relationship with BOI, but its wider impact will depend on whether the new system can translate faster applications into easier and more timely access to actual financing.
For businesses struggling with lengthy financing processes, that distinction could be more important than the launch of the digital platform itself.
