BoI issues 30 days ultimatum for pending loan applications

In a bid to reduce its turnaround time for loan applications, the Bank of Industry (BoI) has issued a 30-day ultimatum to its customers to complete their documentations.

According to the bank, the decision was coming on the heels of the present administration’s Ease of Doing Business mandate to remove critical bottlenecks and bureaucratic constraints to doing business in the country.

The General Manager, BoI, Joseph Babatunde explained that this would also go a long way to help businesses get fast and improved service delivery while also urging its customers to make available all the required documents for evaluation.

“We are advising our customers to make available all the required documents to evaluate their proposal between 30 days and if they do not meet with this deadline, we will return whatever they have given us until they meet up with the full documentations for loan application.Babatunde made this known during its gender business group customers’ forum in Lagos.

He added that there are lots of issues requiring urgent attention in the nation, stressing that unemployment remains one of the critical issues that is yet to be addressed in Nigeria.

In his words, “As a development bank, the Key Performance Indicators (KPIs) is to see how many people we can create employment for using our different intervention funds. To us, this is very important and we want a situation where you can take advantage of most of the services we offer to improve on your operations to get more people employed.”

According to him, the thrust of the customer forum was to get feedbacks from some of its women customers to identify challenges, proffer solutions and improve on its service delivery to its customers across the country.

“We want feedbacks from you beginning from when you applied for the loan, we want to know what has been your experience even up to the point of your operations. We want you to share with us what lessons you have learnt to enable us deliver better services,” he added.

Participants at the event called on the Development Finance Institution (DFI) to make working capital accessible and flexible while also raising the awareness of customers on the different initiatives offered by the bank to improve the business community.