In its moves to get closer to the Micro Small and Medium Enterprises (MSMEs), the Bank of Industry (BoI) is planning to expand operations to the Northern part of the country. This was disclosed by the bank’s Managing Director of , Rasheed Olaoluwa,last week.
“We want to be present in more states because we want to be close to the MSME community. We are planning to expand to open our offices in Kano, Niger and Gombe,” he said last week.
Olaoluwa also noted that the BoI had launched five mobile applications to drive growth and development of the nation’s Small and Medium Enterprises (SMEs) sector, adding that the launch was aimed at providing 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.
During the launch of the digital product offerings, he said 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 access loans from banks or attract investors.
He said to address this deficiency, BOI has partnered a consulting firm to develop an SME Accounting Application (SAAPP), maintaining that this application has been tested to ensure that it enables users keep proper records of transactions as well as generate requisite financial statements.
“Easily understood user manuals are provided alongside the App and a 24/7 support platform has been created to assist users who might require such service. SAAPP is a user friendly, simplified and menu-driven accounting tool that does not require formal accounting knowledge by the entrepreneur. In fact, with this software, our SME customers will be empowered with business information on their mobile phones,” Olaouluwa added.