How BoI’s new SME apps work
The Bank of Industry (BoI) recently launched mobile, loan, online and accounting applications as well as customer portal for the micro, small and medium enterprises (MSMEs).
According to Rasheed Olaoluwa, managing director/CEO, BoI, SME Mobile App has a rich array of features such as ‘Who the Bank can assist’, ‘Online application portal’, ‘Business Model Canvass’, ‘SME Customer Portal’ and ‘SME Funds,’ among others.
“This is an era of internet of things where digital technology and the internet are key drivers of leading edge business processes across the world,” Olaoluwa said, during the launch held recently in Lagos.
The apps, which can be found in the bank’s website, are meant to develop a positive ecosystem for Nigerian MSMEs and ensure operators have easy access to information regarding their needs.
The accounting app is aimed at enabling business owners keep better records and be able to evaluate their financial performances easily.
“One important feature of SAAPP is the integrity of the financial statements generated on it,” the bank’s CEO said, adding that with this app, business owners would need fewer services of accountants.
BoI partnered with Kinesis Consulting Limited to develop this app. The accounting app, also known as SAAPP, equally enables BoI customers to easily generate basic financial statements such as balance sheets, profit and loss accounts and cash flows.
“The App contains a link that enables the SME mail the financial statements directly to BoI”, he explained.
He 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, though the first 100 business owners would receive 50 percent cut.
The Loan Application Tracking System 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 main objective of SME Customer Portal 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.
ODINAKA ANUDU