Bank of Industry Limited (BoI), as part of efforts in repositioning the operational systems, process and services by taking advantages of the digital and mobile era to offer its numerous customers the benefits of speed, mobility and convenience, on Tuesday, unveiled a number of Small and Medium Enterprises (SMEs)-centric digital products.
At the occasion held at its corporate office in Marina, Lagos, BoI executives were on ground to unveil digital product offerings such as ‘SME Mobile App’, ‘SME Accounting Application’ (SAAPP), ‘Loan Application Tracking System’ and ‘SME Customer Portal’.
Speaking at the event, Mr. Rasheed Olaoluwa, managing director and chief executive officer of the Bank, disclosed that development of the applications were inspired by the increase in number of mobile phone and internet users in Nigeria.
Olaoluwa quoted the Nigeria Communications Commission (NCC) statistics, saying “the number of internet users in Nigeria has grown to 83.3million as at February 2015. Furthermore, the number of active mobile subscribers increased to 145.5million, giving Nigeria a teledensity of over 85% based on a population figure of 170million. These developments imply that we now live in a digital and mobile world. At BoI, we have repositioned our system, processes and services to take advantage of this new digital and mobile world to offer our customers the benefits of speed, mobility and convenience that come with it”.
SME Mobile App
The BoI MD/CEO explained the objectives of developing an SME Mobile App as to provide members of the public, especially entrepreneurs, with easy access to information, on their mobile phones, about the key activities and products of the bank and how to avail themselves of the Bank’s services.
Olaoluwa described the app as one credible platform through which the Bank is leveraging the opportunity provided by Nigeria’s high GSM teledensity and improved internet access.
“The app has a rich array of contents such as, an overview of the Bank and what it stands for; who the bank can assist (i.e., A to Z eligibility criteria for access BoI’s loans); online loan application with provision to track the progress of such loan applications; SME Fund implying information about the Bank’s various funds being managed and administered by the Bank such as Cottage Agro Processing (CAP) fund, Cassava Bread fund, MSME Development Matching funds in partnership with State Governments, Dangote Foundation/BoI matching funds, among others”.
Other components of the App, he said, include, SME customer portal, a platform created for BoI’s customers to showcase their products; business model canvass; business plan template; list of bank’s accredited business development service providers (BDSPs) with download feature; list to the Bank’s entrepreneurship development centre partners, et cetera.
He said that the App can be downloaded free from Google Play Store for Android Phones and tablets, App World for BlackBerry and App Store for iPhones and iPads.
“The Mobile App is easy to use in view of its user-friendly features that make it pleasing to the eyes and fun to browse, while also serving as a power-house of SME-centric information and loan application/tracking tool,” Olaoluwa said.
Online Loan Application Portal
For the sake of granting BoI’s prospective SMEs customers’ convenience, online loan application portal was developed to ensure they do not initially have to be physically present at the Bank to submit their loan applications.
The portal also has the advantage of shortening the loan processing Turn-Around-Time (TAT) of the Bank.
The MD/CEO said, “The portal has document uploading capability as well as allows the loan applicant select the preferred BoI State office location where the application will be processed. The online loan application portal can be accessed on the Bank’s website”.
Historically, the Bank of Industry Limited (BoI) is Nigeria’s oldest, largest and most successful development financing institution.
It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964.
The bank took off in 1964 with an authorized share capital of 2 million (GBP).
The International Finance Corporation which produced its pioneer Chief Executive held 75% of its equity along with a number of domestic and foreign private investors.
Although the bank’s authorized share capital was initially set at N50 billion in the wake of NIDB’s reconstruction into BoI in 2001, it has been increased to 250 billion in order to put the bank in a better position to address the nation’s rising economic profile in line with its mandate.
Following a successful institutional, operational and financial restructuring programme embarked upon in 2002, the bank has transformed into an efficient, focused and profitable institution that is well placed to effectively carry out its primary mandate of providing long term financing to the industrial sector of the Nigerian economy.