We offer SMEs tech-based accounting packages to enable them maintain profits—BoI MD
The Bank of Industry (BoI) says it is offering operators of small and medium businesses technology-based accounting services that will enable them maintain accurate record-keeping and profits.
“By just clicking on a computer, loan applications can now be submitted and approved irrespective of where the person is, because we want to serve our customers better,” said Waheed Olagunju, acting managing director and CEO of BoI, at the Eastern Customer Forum held in Enugu State last Thursday.
According to Olagunju, who was represented by Mohammed Abdul-Ganiyu, divisional head of SME South, the development financial institution had simplified the loan application and approval process by taking it online and eliminating time wasted on back and forth trips to various office locations across the country.
Olagunju also expressed the bank’s readiness to partner entrepreneurs in tailoring its funding initiatives to achieve greater economic impact, urging customers and would-be beneficiaries to come forward with inputs that would enable the bank to serve them optimally.
He said the bank had sustained its product delivery efficiency through a number of notable improvements over the years, noting that the interactive platform between the bank, its customers, development partners and the public was to promote understanding and quality service.
“We also commissioned business development service providers to help our customers prepare loan applications in order to ensure a higher level of approvals,” he said, adding that BoI also engaged audit experts to assist customers prepare audit records.
The bank, according to the managing director, appointed accredited estate valuers to help prospective customers carry out value proper assessment of properties.
On some of the various intervention schemes being implemented by the bank, the MD said BoI was committed to helping young entrepreneurs realise their dreams of building their own businesses and providing job opportunities.
According to him, under the Graduate Entrepreneurship Fund (GEF) the bank had trained 868 members of the National Youth Service Corps (NYSC) and out of that number, 324 qualified to apply for the Fund’s N2billion from which each person could draw up to N2million from.
He also mentioned that the bank created the N10billion Youth Empowerment Scheme for youths between the ages of 18 and 35years with a minimum qualification of OND or its equivalent, saying that out of 71,000 entries 5,000 were accepted for an online entrepreneurial training course anchored by Pan Atlantic University.
“We are currently running the first batch training course in 20 centres across the country and the successful applicants will eventually be able to draw up to N5million,” he said.
Arinze Nwando, CEO of Aggregate works, who was one of the facilitators and a beneficiaries of the bank’s facilities, shared his experience with other entrepreneurs at the event.
According to Nwando, despite being a young man, BoI approved his facility application which enabled him to grow his asphalt plant’s capacity from 20000 tons to 35000 tons per annum.
Arinze commended the bank for being meticulous and willing to assist its partners, urging BoI’s customers to always consult the bank on day-to-day challenges they might have, as it had built up a formidable knowledge base and network of industries and markets in the economy.
ODINAKA ANUDU