BoI wins plaudits over loan process simplification

The Bank of Industry (BoI) has received plaudits over its determination to review and simplify loan processes for manufacturers and small- and medium-scale enterprises (SMEs).

Orimadegun Agboade, national deputy president, the Nigerian Association of Small and Medium Enterprises(NASME), gave these plaudits during his visit to the bank’s office in Lagos. According to him, the loan simplification was an indication that time had come for the full emancipation of the captive sector.

Receiving members of the association, Rasheed Olaoluwa, managing director, BoI, assured them that the development institution would increase the tempo and pace of support to MSMEs across the country and accelerate the credit delivery process.

The BoI boss also informed them that the development of MSMEs in Nigeria was one of the core activities of the bank and that no stone would be left unturned to ensure that MSMEs were adequately supported to flourish.

“We are also looking at the possibility of establishing BoI in every state but we will give priority to the 18 states that have existing Memorandum of Understanding MoU with us. This is the first of many meetings to come and we believe that our SMEs shall grow by contributing more to Nigeria’s GDP and help create millions of jobs for our teeming youths,” he said.

Olaoluwa also disclosed that BoI was seeking to partner with SME- friendly banks that would complement its long- term fixed assets loans with short term working capital loans for SMEs.

He informed the association that proposals had been called for from interested organisations to serve as Business Service Support Firms to BoI who would be shortlisted on a national level.

“The BSFs will receive applications from SMEs, look at them and then help repackage them so that by the time they get to BoI,  they would have met the criteria of a bankable application.,” he said.

In his response Agboade thanked BoI for giving support to MSMEs in the country and pledged that the members will do everything possible in utilising the opportunity being availed them by the bank.

He said it was his belief that NASME could collaborate with BoI to identify SME friendly banks in the country.