BOI’s new apps pave digital future for SMEs in Nigeria

Experts have proved that in Nigeria, and indeed across the world, Small and Medium scale Enterprises, SMEs, are the lifeblood of any economy. What is even a more obvious fact is that the world today is a global village powered by Information and Communications Technologies, ICTs. In this era of web 2.0, ICT is no longer just an independent phenomenon in itself; it permeates every aspect of human life.

It only makes sense that a union between SMEs and ICTs when rightly consummated would bring about the right kind of fruits for the economy. All over the world, success stories abound in this direction, the prerogative to ensure success in Nigeria however lies in ensuring that the right technologies are readily available, affordable and user friendly for SME operators.

The Bank of Industry, BOI, aware of this need, recently launched five mobile digital product offerings to offer SME customers the benefits of speed, mobility and convenience that come with the digital world. The offerings include the SME Mobile App, the SME Accounting App, the online loan application portal, the Loan application tracking system, and the SME Customer portal.

The bank’s Chief Executive Officer, Mr. Rasheed Olaoluwa speaking at the launch said: “This is the era of the ‘Internet of Things’ where digital technology and the internet are key drivers of leading edge business processes worldwide. I have the pleasure of presenting the BOI’s five digital product offerings for the benefit of our Small and Medium scale Enterprises. The purpose of all this is to develop a positive ecosystem for Nigerian SMEs. This is something we are trying very hard to develop.”

A demonstration of the new apps’ functionalities at the launch proved that they would truly be an instrumental addition to the SME ecosystem. One of the major weaknesses of SMEs is poor record keeping and weak financial management which makes it difficult to evaluate their financial performance and invariably inhibits their ability to attract investors.

The SME Accounting App, SAAPP, which the bank developed in partnership with Kinesis Consulting Limited, is a user friendly, simplified and menu-driven accounting tool that does not require formal accounting knowledge by the entrepreneur. The entrepreneur can with this app on his mobile phone, generate basic financial statements such as balance sheets, profit and loss accounts and cash flows. SAAPP is being deployed to the Bank’s customers via BOI branded, licensed and secured flash drives for N20, 000.

Another offering is the SME Mobile App which leverages on the opportunity provided the country’s high GSM teledensity and improved internet access. It was designed to provide entrepreneurs with easy access to information on their mobile phones as well as how to avail themselves of the bank’s services. The app, which can be downloaded for free on all Android, Blackberry or iOS devices, offers features such as the online loan application portal, the business plan template, the business model canvas, success stories from the BOI among others.

It gets even better. Any business owner who has ever had to apply for a loan would agree that it could be a stressful experience. Customers have to come to the bank time and time again to go through the motions of applications. The BOI’s new online application portal rids customers of such hassles, as they do not have to come physically to the bank to submit their loan applications.

The portal also has document uploading capacity for the customer to upload relevant documents, the applicant can select the preferred BOI state office location where the application will be processed.

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Courtesy Vanguard Newspapers