BOI opens MyBOI portal: how Nigerian businesses can now apply for loans online
By Aboki Forex —
Nigerian business owners looking for funding can now apply for Bank of Industry (BOI) financing online through the bank's new MyBOI Portal. The platform allows new and existing customers to create business profiles, apply for financing, upload supporting documents and monitor the progress of their applications without completing the entire process physically.
Businesses can access the portal at https://onlineportal.boi.ng/ or through the BOI mobile application.
Who can apply
Nigerian businesses registered with the Corporate Affairs Commission (CAC) can apply for BOI financing, although each facility has its own eligibility requirements. Applicants generally need a valid Bank Verification Number (BVN) for the owner or directors, a verifiable business bank account, and must satisfy BOI's credit and cash-flow assessment.
Businesses operating in manufacturing, agro-processing, digital economy, creative industries and energy may qualify for some of the bank's programmes. BOI also provides financing options for different business sizes, ranging from micro enterprises to SMEs and large businesses.
How to apply on MyBOI
1. Create a MyBOI account. First-time applicants must register using their company registration details, such as an RC or BN number, a valid email address and other business information. An OTP will be sent to the registered email address to verify the account. After verification, new customers can begin onboarding, while existing BOI customers can proceed to apply for a facility.
2. Complete your business profile. Applicants must provide information about their businesses and complete the required onboarding and assessment stages. Inaccurate or missing details can delay an application.
3. Select the loan or financing facility. Funds may be used for working capital, inventory, equipment, business expansion and other operating needs. The amount a business can access is determined by its size, transaction history, cash flow, credit profile and repayment capacity.
4. Upload your BOI loan documents. These may include CAC registration documents, valid government-issued identification, BVN, business bank account details and statements, Tax Identification Number (TIN) where applicable, a business plan or feasibility study, proforma invoices or quotations, evidence of business premises, relevant licences and regulatory approvals, and financial statements where applicable.
Document rules and processing time
BOI's assessment information indicates business bank statements are generally required for six to 12 months. Recent audited accounts are required for facilities above ₦10 million.
Micro facilities of ₦10 million or less carry different documentation requirements. BOI lists a business plan, equipment quotations, raw-material quotations, the promoter's identification and BVN, a one-year bank statement for existing businesses and relevant regulatory approvals. Depending on the facility, a guarantor or acceptable security may also be required.
For SME and large-enterprise facilities above ₦10 million, BOI may require audited financial statements, management accounts, feasibility studies, bank statements, CAC documents, tax clearance certificates, regulatory approvals and security documents. Some facilities may also require Environmental, Social and Governance (ESG) documents. Business owners should check the requirements of their chosen facility before submitting.
BOI says an application is not regarded as submitted until all required documents have been uploaded. Completing an application does not automatically mean the business will receive funding. Each request remains subject to BOI's credit assessment and other eligibility requirements.
Applicants can monitor their requests through the MyBOI dashboard and receive notifications at key stages. Processing time depends on the type of facility and the completeness of the documents. BOI's FAQ states that most applications receive an initial response within two to four weeks.
For Nigerian businesses, the portal removes much of the physical legwork from a loan application. The documentation bar, especially audited accounts above the ₦10 million mark, still decides which businesses get funded.