BoI unveils SME Mobile, Online, Loan Apps

In a bid to leverage Nigeria’s growing digital and mobile presence, the Bank of Industry (BoI) has launched mobile, loan, online and accounting applications as well as customer portal for the micro, small and medium enterprises (SMEs).

The five newly launched apps can be found in the bank’s portal, www.boinigeria.com. The implication of this launch is that MSMEs seeking support from BoI will now have the opportunity of getting same with just a click.

The first app, known as SME Mobile App, has a rich array of features such as ‘Who the Bank can assist’, ‘Online application portal’, ‘Business Model Canvass’, and ‘SME Customer Portal’.

It also contains a feature called ‘SME Funds’, where loan applicants can find funds being managed by the bank.

“The SME Mobile 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”, said Rasheed Olaoluwa, chief executive officer and  managing director, BoI, during the launch, held last Tuesday at the bank’s corporate headquarters at Marina, Lagos.

The second app is called SME Accounting Application (SAAPP). Nigerians MSMEs often have poor record-keeping and weak financial management. These make it difficult to evaluate their financial performance and also put them at a disadvantage while accessing loans from banks or trying to attract investors.

To address these shortcomings, BoI partnered with Kinesis Consulting Limited to develop this app that enables businesses in this category to keep proper records of transactions as well as generate requisite financial statements. SAAPP enables BoI customers to easily generate basic financial statements such as balance sheets, profit and loss accounts and cash flows.

“One important feature of SAAPP is the integrity of the financial statements generated on it,” Olaoluwa said.

“Once financial statements have been prepared, they cannot be altered at will. Consequently, it is the same statements that will be produced for submission to tax authorities, statutory government agencies and financial institutions”, he added.

“The App contains a link that enables the SME mail the financial statements directly to BoI”, he further said.

Olaoluwa said the app is programmed for installation on a maximum of three devices per business entity and is available at a pocket-friendly price of N20,000.

However, the first 100 businesses to subscribe will pay N10, 000 each, he said, stressing that this app will make MSMEs hire less of accountants.      

Phillip Ikhile, CEO, Kinesis, said the essence of the app is simplicity.

Next is the Online Application Portal, created for the convenience of the bank’s prospective customers as they do not have to come to the bank now to submit their loan applications.

This app allows the loan applicant to select the preferred BoI state office where application will be processed. The online application portal can be assessed on www.boinigeria.com/apply.

Just a click on ‘Apply for  loan now’ will take the applicant to ‘register here’ before a verification link and tracking code will be sent to the applicant’s registered e-mail address.

Also, the bank launched the Loan Application Tracking System, which enables customers to obtain online and real time updates on loan requests submitted to the bank through an innovative loan status tracker on the bank’s web, www.boinigeria.com/apply/track.

The last but not least app launched is known as the SME Customer Portal, which provides information about BoI’s customers such as contact details and value propositions.

“The main objective is to enhance the visibility of the SMEs and showcase their products, thereby providing business-to-business (B2B) linkage opportunities among SMEs and between SMEs and their key partners such as suppliers, distributors, large enterprises, among others”, Olaoluwa explained.

Data on over 400 customers have so far been updated on the portal, according to him. So far, BoI is trying to get other 2100 MSMEs assisted in the past so as to upload their information on this app.