BOI Microfinance was incorporated in 2002 as a subsidiary of the Bank of Industry Nigeria. BOI provides a variety of services to small and medium-sized businesses as well as low-income individuals, with loans of up to 10 million Niara.
This is part of the company’s commitment to promoting entrepreneurship by making simple financing available. BOI Microfinance Bank also offers savings deposit services in addition to loans. It is well-positioned to service clients since it has the financial support of the Bank of Industry.
General Loan Requirements
- 2 recent passport photographs
- copy of a valid identity card (Driver’s license, National Identity card, International Passport and Voter’s Card)
- Utility bill (paid within the preceding 3 months)
- Initial deposit
- Completed KYC form provided by the bank
Pros:
- Highly accessible physical locations
- Good customer service
- Good access to accounts/savings benefits
- Flexible lending amounts and rates
Cons:
- Slow disbursement period
- High document requirements
