BOI opens online portal for business financing applications
The Bank of Industry has launched the MyBOI Portal, enabling Nigerian businesses to register, submit financing applications and supporting documents, and monitor their requests online. The bank says eligible applicants must meet facility-specific requirements, while approval remains subject to credit assessment, documentation and repayment capacity.
The Bank of Industry has launched its MyBOI Portal, allowing Nigerian businesses to apply for financing online and follow the progress of their applications. The platform, which went live on Friday, is available through the official MyBOI website and the bank’s mobile application. New and existing customers can register, complete business profiles, submit documents and select financing facilities through the portal.
Businesses registered with the Corporate Affairs Commission may apply, subject to the requirements of the relevant facility. The bank says applicants need a valid Bank Verification Number for the owner or directors, a verifiable business bank account and the ability to meet its credit and cash-flow assessment requirements. Potential beneficiaries include businesses in manufacturing, agro-processing, the digital economy, creative industries and energy.
BOI provides facilities for micro enterprises, small and medium-sized businesses and large enterprises. Financing may support working capital, inventory, equipment, expansion and other business operations. First-time applicants must create an account using information such as a company registration number and valid email address.
After email verification, applicants complete onboarding and business-profile requirements before choosing a facility. They must explain how the funds will be used and upload the documents required for that facility. Documents may include CAC registration papers, identification, BVN details, bank statements, tax information, business plans, feasibility studies, quotations, evidence of premises, licences and financial statements.
BOI says existing businesses may generally need six to 12 months of bank statements, while facilities above N10m require recent audited accounts. Applications for facilities of N10m or less have different requirements from larger requests and may require guarantors or acceptable security. Submission does not guarantee approval.
BOI says applications undergo credit assessment and that most receive an initial response within two to four weeks when documentation is complete. The portal also offers non-interest financing options.
This independently written report is based on information supplied by the named publisher. Vertrix News has not independently verified the source report.