The Bank of Industry (BOI) has released five
digital applications that will enhance development among the over 2,500
Small and Medium Enterprises (SMEs), that are linked to the bank’s
website.
The digital solutions, which will address SMEs
challenges in the digital age, is expected to also promote
entrepreneurial business in the areas of funding and business exposure
among SMEs.
The products include SME Mobile App, SME
Accounting Application (SAAPP) Software, Online Loan Application Portal,
Loan Application Tracking System, and SME Customer Portal. Announcing
the initiative at a press conference in Lagos, the Managing Director and
Chief Executive Officer of the bank, Mr. Rasheed Olaoluwa, said the
products were tailored to address new demand for digital solutions,
occasioned by the increase in the number of internet users in the
country, which include SME operators.
“At , we have re-positioned our systems,
processes and services to take advantage of this new digital and mobile
world, in order to offer our customers the benefits of speed, mobility
and convenience that came with it,” Olaoluwa said. He disclosed that the
bank, in March this year, upgraded its banking application from Equinox
to a more robust version called Rubikon, in order to serve its
customers better.
Demonstrating how the Mobile Apps works, Group
Head, Information and Strategy of the bank, Mr. Thomas Akphororo, said
the objective is to provide members of the public, especially
entrepreneurs, easy access to information on their mobile phones, about
the key activities and products of the bank, as well as how to avail
themselves of the bank’s services. The mobile app gives overview of the
bank and what it stands for, the category of customers the bank could
assist, as well as list of the bank’s accredited business development
service providers, with download features. It also provides news about
events concerning the bank and the success stories of the bank and its
customers.
Giving details of the SME Accounting Application,
Mr. Philips Ikhile of Kinesis Consulting Limited, partner to BOI, said
the application would enable users keep proper accounting records of
their business transactions, and generate requisite financial
statements, without employing the services of an Accountant or Chartered
Accountant. “SAAPP software is user friendly, with simplified
menu-driven accounting tool that does not require formal accounting
knowledge by the entrepreneur. It helps to raise balance sheets, which
reports on the SMEs assets, liabilities and ownership equity, as well as
profit and loss accounts, and cash flow,” Ikhile said.
One important feature of SAAPP is the integrity
of the financial statements generated on it, Ikhile added. The solution
is preloaded in a branded flash drive and sells for N20, 000, but the
first 100 SMEs to purchase it will get it at a discounted rate of N10,
000. With SAAPP, simple financial statements can be generated simply by
imputing data in respect of daily transactions such as sales,
expenditures, as well as other sundry payments and receipts.
The Online Loan Application portal was developed
for convenience of SME customers, so that they do not have to physically
come to the bank to submit loan applications. With the portal, SME
customers can apply for loan within the stipulated maximum limit. The
Loan Application Tracking System, is an Information Technology (IT)
tool, developed to further enhance customer service delivery to SME loan
applicant.
The tool enables customers to obtain online, real
time, updates on loan request submitted to the bank through an
innovative loan status tracker on the bank’s website. The SME Customer
Portal is a platform that will help SMEs showcase their products and
services to the world, through the bank’s website. It also provides
information about BOI’s SME customers in terms of their contact details
and value propositions.
The bank called on SMEs to take advantage of the solutions to address the challenges confronting them in today’s digital age.
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