The Bank of Industry (BoI) has unveiled five mobile applications to drive Small and Medium Enterprises (SMEs) operations in the country, in line with its resolution to increase intervention in the sector.
The products include the SME Mobile App, SME Accounting application software, SAAPP, Online Loan Application Portal, Loan Application Tracking system, and SME Customer Portal.
While the SME mobile application provides easy access to companies information, the SME accounting app offers accounting tips and the loan application portal allow both existing and potential clients to apply for loan from BoI.
The Managing Director, BoI, Rasheed Olaoluwa, explained that this move by the Development Finance Institution (DFI) was to avail 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.
Olaoluwa during the launch of the mobile application, stressed that these developments imply that Nigeria must join the rest of the world to become a digitalised economy, stating that the bank has repositioned its systems, processes and services to take advantage of the new digital and mobile world to offer its customers the benefits of speed, mobility and convenience that come with it.
“This special event marks the launch by the Bank of Industry (BoI) of our digital product offerings, particularly in this era of the “Internet of Things” where digital technology and the Internet are the key drivers of leading edge business processes worldwide,” he said.
According to him, 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, Kinesis Consulting Limited in partnership with BoI, has developed 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.
He said the simplified nature of the App makes it easy to use by SMEs, saying that the structured financial statements can be generated simply by inputting data in respect of their daily transactions such as sales, expenditures as well as other sundry payments and receipts.
“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
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