Nigeria’s Bank of Industry (BOI) has launched MyBOI, a new end-to-end digital platform designed to simplify how businesses access development finance and reduce some of the paperwork and processing barriers associated with loan applications.
According to reports published today, the platform allows businesses to register, complete onboarding, undertake impact and sustainability assessments, submit financing applications and track their applications digitally. The initiative forms part of BOI’s wider Credit Process Re-engineering and Automation programme. MSME Africa
The development comes at a time when access to affordable finance remains a major concern for Nigerian entrepreneurs. Manufacturers and business stakeholders are continuing to call for the recent reduction in the Central Bank of Nigeria’s Monetary Policy Rate to translate into lower lending costs for businesses, particularly SMEs that require working capital and expansion finance. Independent Newspaper Nigeria
There are also fresh opportunities for businesses seeking alternative sources of capital. The ProMoat Capital Drawbridge Grant 2026, announced today, is offering selected registered Nigerian businesses non-repayable funding of up to ₦1 million, with eligible enterprises required to have paying customers. MSME Africa
Meanwhile, the SMEDAN Zero to 100 Pitch Competition has opened a ₦50 million grant pool for Nigerian small businesses, with applications closing on October 10. The competition will award ₦25 million, ₦15 million and ₦10 million to the top three finalists. GROW Nigerian 2026
What This Means for Entrepreneurs
The growing number of digital finance platforms, grants and investment programmes suggests that entrepreneurs have more channels to explore—but business readiness remains critical. Proper registration, financial records, clear business models, demonstrated market demand and the ability to show how funding will generate sustainable growth can increasingly determine whether a business is ready to access available opportunities.
For IEAMA, the development reinforces the importance of connecting entrepreneurs not just with finance, but with the knowledge, structures and professional capacity required to use finance effectively.
IEAMA — Professionalising Entrepreneurship. Structuring Apprenticeship. Building Enterprises.