…Lender targets 30% jump in qualified digital applications as it moves financing process online
SUN OCT 04 2026-theGBJournal| The Bank of Industry is taking a major step toward digitising access to development finance with the launch of MyBOI, a new end-to-end platform designed to allow Nigerian businesses to apply for financing, complete onboarding and track applications without relying on traditional paperwork-heavy processes.
The platform marks a shift in how the development finance institution plans to engage businesses, bringing key stages of the financing journey—from registration and sustainability assessments to application submission and progress tracking—into a single digital environment.
For businesses seeking funding, BOI says the objective is straightforward: less paperwork, faster application initiation and greater visibility throughout the financing process.
The bank has attached specific performance targets to the rollout.
BOI is aiming for a 30% increase in qualified digital financing applications within 12 months, while targeting a 40% reduction in the time required to initiate an application within nine months.
It also expects at least 60% of new applications to be completed through self-service channels within one year.
MyBOI allows prospective and existing customers to register digitally, complete required onboarding processes and sustainability assessments, submit financing applications and monitor their progress online.
The move comes as financial institutions increasingly use digital platforms to reduce friction in customer onboarding and improve access to financial services.
For BOI, the focus is on applying that model to development finance, where businesses often have to navigate multiple documentation and assessment requirements before accessing funding.
By bringing those stages together digitally, the bank is seeking to make the process more transparent and easier to navigate.
The bank’s targets provide a measure of how it intends to assess the success of the platform.
A 30% rise in qualified digital applications would indicate increased use of the platform by businesses seeking BOI financing, while the targeted 40% reduction in application initiation time is aimed at improving the front end of the financing journey.
The self-service target is even more significant.
BOI wants at least six in every 10 new applications to be initiated through self-service channels within 12 months, potentially reducing dependence on manual intervention during the early stages of the process.
The platform therefore represents more than a new online application form. It is designed as an end-to-end digital channel covering several stages of the financing process.
The launch comes against a backdrop of growing demand for faster and more accessible financing channels for businesses across Nigeria.
For small and growing companies in particular, the time and administrative burden involved in seeking financing can be as important as the financing itself.
BOI’s digital strategy is aimed at addressing part of that challenge by allowing applicants to begin and manage the process remotely.
The effectiveness of the initiative, however, will ultimately depend on adoption, ease of use and whether faster digital processing translates into more businesses successfully accessing development finance.
For now, BOI’s targets put the emphasis firmly on measurable outcomes: more qualified applications, shorter processing entry times and greater use of self-service.
If those targets are met, MyBOI could represent a significant change in how Nigerian businesses interact with the country’s development finance system.
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