The Bank of Industry has launched MyBOI, an end-to-end digital portal designed to simplify access to credit for Nigerian businesses. The platform went live at noon on Friday, 2 October 2026. It allows customers to register, complete sustainability assessments, submit financing applications and track their progress throughout the credit process.
The bank aims to increase qualified digital financing application intake by 30 per cent within 12 months. It also targets a reduction in front-end application initiation time and improved transparency in the development finance process.
This mirrors the persistent challenge of credit access for Nigerian businesses. Commercial banks lend predominantly to large corporates and the government, leaving small and medium enterprises to rely on informal lenders, personal savings or high-interest microfinance loans. Development finance institutions like BOI were created to fill that gap, but their own processes have historically been paper-heavy and slow.
The portal is intended to cut the time and paperwork involved in applying for BOI financing. Managing Director Olasupo Olusi has said faster financing processes are critical to investment and business growth. The bank has also called for more long-term capital for industry, noting that Nigeria’s industrial sector requires patient funding that commercial banks do not provide.
The human stakes are about time and opportunity. A manufacturer waiting months for a loan decision loses contracts, delays expansion and sometimes shuts down. A digital portal cannot solve the capital constraint, but it can reduce the friction that makes the constraint worse. Whether a 30 per cent increase in applications translates into faster disbursements remains to be seen.
Winners and Losers
Winners: Nigerian businesses seeking BOI financing, who gain a faster, more transparent application process. BOI, which improves operational efficiency and expands its pipeline of qualified applicants.
Losers: Traditional loan officers, whose roles are partially automated. Businesses without reliable internet access or digital literacy, who may struggle to use the portal. The paper-based intermediaries who profited from the old system’s opacity.
Bottom Line: A digital portal is not a credit line. It simplifies the application. It does not guarantee approval or disbursement. The test is whether MyBOI gets money to businesses faster than the old paperwork did.