1 week ago
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The Bank of Industry has launched its new MyBOI Portal, allowing Nigerian businesses to apply for financing online.
The portal, which went live on Friday, allows new and existing customers to register, complete their business profiles, submit loan applications and supporting documents, and monitor the progress of their applications.
The bank said the platform was created to make it easier for businesses to access its financing facilities and reduce the time needed to process applications.
Businesses can access the portal through the official MyBOI website or the bank’s mobile application.
Who can apply?
Nigerian businesses registered with the Corporate Affairs Commission can apply for BOI financing, depending on the requirements of the particular facility.
Applicants must have a valid Bank Verification Number for the owner or directors, a verifiable business bank account and meet BOI’s credit and cash flow requirements.
Businesses in areas such as manufacturing, agro processing, digital economy, creative industries and energy may qualify, depending on the financing programme.
BOI offers financing for different types of businesses, including micro, small and medium sized enterprises as well as large businesses.
How to apply for BOI financing
1. Create an account
First time applicants must register on the MyBOI Portal.
Applicants will need a valid company registration number, such as an RC or BN number, a valid email address and other company details.
An OTP will be sent to the registered email address to confirm the account.
After verification, new customers can begin the onboarding process, while existing BOI customers can proceed to apply for a financing facility.
2. Complete your business profile
Applicants must provide information about their business and complete the required onboarding and assessment stages.
All information provided should be correct and complete. BOI says incomplete or incorrect information could delay or affect an application.
3. Select a financing facility
After completing the required profile information, applicants can choose the financing facility they want and explain how they intend to use the money.
Financing may be used for working capital, inventory, equipment, expansion and other business activities.
The amount a business can access depends on factors such as the size of the business, transaction history, cash flow, credit profile and ability to repay.
4. Prepare and upload the required documents
The documents required depend on the type of facility and the size and structure of the business.
Applicants may be required to provide:
CAC registration documents
Valid government issued identification
Bank Verification Number
Business bank account details and bank statements
Tax Identification Number, where applicable
Business plan or feasibility study
Proforma invoices or relevant quotations
Evidence of business premises
Relevant regulatory licences and approvals
Financial statements, where applicable
BOI says business bank statements are usually required for six to 12 months, while recent audited accounts are required for facilities above ₦10m.
Applicants should also provide evidence showing how the money will be used.
5. Check the requirements for your business category
Businesses applying for facilities of ₦10m and below have different documentation requirements from those seeking more than ₦10m.
For micro facilities of ₦10m and below, BOI lists requirements such as a business plan, equipment quotations, raw material quotations, identification and BVN of the business owner, a one year business bank statement for existing businesses and relevant regulatory approvals.
Depending on the facility, applicants may also be required to provide guarantors or acceptable security.
For SME and large enterprise facilities above ₦10m, applicants may need audited financial statements, management accounts, feasibility studies, bank statements, CAC documents, tax clearance certificates, regulatory approvals and security documents.
Some facilities may also require Environmental, Social and Governance documentation.
Applicants are advised to check the requirements for the particular facility before applying.
6. Submit the application
After uploading all the required information and documents, applicants can submit their financing request through the portal.
BOI says an application is not considered submitted until all required documents have been uploaded.
Submitting an application does not guarantee approval. Each application is subject to BOI’s credit assessment and other eligibility requirements.
7. Track your application
Applicants can monitor their applications through their MyBOI dashboard after submission.
The portal also sends notifications at important stages of the process.
BOI says processing time depends on the type of facility and whether the applicant provides complete documents. Its FAQ states that most applications receive an initial response within two to four weeks.
Can businesses apply for non interest financing?
Yes. The MyBOI platform also provides access to BOI’s Non Interest Banking facilities.
Businesses seeking Shariah compliant financing can select the Non Interest Banking option when creating their business profile.
Such applications are handled by BOI’s Non Interest Banking division and assessed according to Shariah principles.
What businesses should know before applying
Applicants should make sure that all information and documents submitted to BOI are accurate and complete.
The bank says inaccurate information could lead to delays or rejection of an application.
BOI also advises customers to access MyBOI only through its official channels and not to share their passwords, OTPs or login details with other people.
Submitting an application does not guarantee approval, as every request is assessed based on the relevant credit and eligibility requirements.
Existing customers whose applications were submitted before the launch of MyBOI have also been advised to continue with the existing process instead of submitting a new application through the portal.
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