The Bank of Industry (BOI) has launched its new MyBOI Portal, giving Nigerian businesses the opportunity to apply for financing facilities online without having to begin the process through a physical branch.
The new portal, which went live on Friday, allows new and existing BOI customers to register, complete their business profiles, submit financing applications and supporting documents, and monitor the progress of their applications online.
According to the bank, the platform is designed to simplify access to BOI financing facilities and improve the turnaround time for processing applications.
Businesses can access the portal through the official MyBOI platform, while the service is also available through the bank's mobile application.
Who Can Apply for BOI Financing?
Nigerian businesses registered with the Corporate Affairs Commission (CAC) can apply for BOI financing, subject to the eligibility requirements of the particular financing facility.
Applicants are generally expected to have a valid Bank Verification Number (BVN) for the business owner or directors, a verifiable business bank account and the financial capacity required under BOI's credit and cash-flow assessment.
Businesses operating in sectors including manufacturing, agro-processing, digital economy, creative industries and energy may qualify for financing, depending on the specific programme.
BOI provides financing options for different categories of businesses, including micro enterprises, small and medium-sized enterprises and large enterprises.
How to Apply for BOI Financing Through MyBOI
1. Create a MyBOI Account
First-time applicants must register on the MyBOI Portal.
Applicants will need information such as their company registration number, including an RC or BN number, a valid email address and other relevant company details.
An OTP will be sent to the registered email address to verify the account.
After verification, new customers can proceed with the customer onboarding process, while existing BOI customers can proceed to the relevant financing application process.
2. Complete Your Business Profile
Applicants are required to provide information about their businesses and complete the relevant onboarding and assessment stages on the portal.
Businesses should ensure that all information supplied is accurate and complete.
Incomplete or inaccurate information may delay the assessment process or affect the outcome of an application.
3. Select a Financing Facility
After completing the required business profile information, applicants can select the financing facility they want to apply for.
They will also need to provide information about how the proposed funds will be used.
Depending on the facility, BOI financing may support areas such as:
Working capital
Inventory
Equipment purchases
Business expansion
Business operations
Other approved business needs
The amount a business may qualify for depends on factors including its size, transaction history, cash flow, credit profile and repayment capacity.
Documents Required for BOI Financing
The exact documents required depend on the financing facility, business size and structure.
Applicants may be required to provide:
CAC registration documents
Valid government-issued identification
Bank Verification Number (BVN)
Business bank account details
Business 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's assessment requirements indicate that business bank statements may generally cover six to 12 months, while recent audited accounts may be required for facilities above ₦10 million.
Applicants should also provide evidence showing how the requested financing will be used.
BOI Requirements for Facilities of ₦10 Million and Below
Businesses seeking financing of ₦10 million or below may have different documentation requirements from businesses applying for larger facilities.
For micro facilities within this range, BOI lists requirements that may include a business plan, equipment quotations, raw-material quotations, identification and BVN of the promoter, a one-year business bank statement for existing businesses and relevant regulatory approvals.
Depending on the specific facility, applicants may also be required to provide guarantors or acceptable security.
Requirements for Financing Above ₦10 Million
For SME and large-enterprise facilities above ₦10 million, BOI may require more extensive documentation.
These requirements can include:
Audited financial statements
Management accounts
Feasibility studies
Bank statements
CAC documents
Tax clearance certificates
Regulatory approvals
Security documents
Certain financing facilities may also require additional Environmental, Social and Governance (ESG) documentation.
Applicants should therefore check the requirements of their specific financing facility before submitting an application.
Submit Your BOI Financing Application
After providing the required information and uploading all necessary documents, applicants can submit their financing requests through the MyBOI Portal.
BOI states that an application is not considered submitted until all required documents have been uploaded.
However, submitting an application does not automatically mean that financing will be approved.
Every application remains subject to BOI's credit assessment and applicable eligibility requirements.
How to Track Your BOI Application
Applicants can monitor their financing requests through their MyBOI dashboard after submission.
The platform also provides notifications at different stages of the application process.
According to BOI's information, processing times depend on the type of financing facility and whether the applicant has provided complete documentation.
The bank's FAQ indicates that many applications receive an initial response within approximately two to four weeks, although the actual processing period can vary.
BOI Also Offers Non-Interest Financing
Businesses interested in Shariah-compliant financing can also use the MyBOI platform to access BOI's Non-Interest Banking facilities.
Applicants 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 in accordance with applicable Shariah principles.
Important Things to Know Before Applying
Businesses planning to apply for BOI financing should make sure that all information and documents submitted through the portal are accurate and up to date.
Applicants should also avoid sharing their passwords, OTPs or login details with third parties.
BOI advises customers to access MyBOI through its official channels to avoid falling victim to fraudulent websites or individuals claiming to process applications on behalf of the bank.
Applicants should also understand that submitting a financing request does not guarantee approval. Each application is assessed based on the applicable credit, financial and eligibility requirements.
Existing customers whose financing applications were submitted before the launch of MyBOI have also been advised to continue with the existing application process rather than submitting a new application through the portal.
Official MyBOI Portal
Businesses interested in applying for BOI financing can access the new online portal here:
MyBOI Portal: https://onlineportal.boi.ng/
Before submitting an application, applicants should carefully review the requirements for the particular financing facility they intend to request.
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