Category: Technology

The Bank of Industry (BoI) on Friday disbursed a total of N75.8 million to GVE Projects Ltd, and Arnergy Solar Ltd to provide solar home systems to off-grid communities in six states.

Mr Rasheed Olaoluwa, Managing Director, BoI, while presenting the cheques, Olaoluwa said that the energy project which was in collaboration with the United Nations Development Programme (UNDP) cost $4.8 billion.

He said that UNDP which had 50 per cent stake in the project had so far contributed $1.6 billion.

He said that the project was divided into two, namely the Stand Alone, which costs N31.6 million, and the Micro-Grid, which cost N44.2 million, making a total of N75.8 million.

The states for the pilot phase for the take-off are, Anambra, Delta, Niger, Osun, Kaduna and Gombe.

Olaoluwa also said that the energy project would involve the National Agency for Science and Engineering Infrastructure (NASENI) and local meter manufacturers in the provision of maintenance equipment, meters and batteries.

He stated that the project would be run on a Pay As You Go basis, and it would not be a threat to existing electricity distribution companies, as the communities to be used for the pilot phase are off-grid.

“There are two major systems, the Stand Alone, which is for singular homes, and to be attached to their roofs, while the Micro-Grid would be used as a cluster for different homes in the community.

“The choice whether to use the micro-grid or stand alone, would depend on the type of settlement in the chosen communities, which has not less than 200 houses.

“The solar system upon being installed can power 4 LED lamps, Television, radio and other appliances, with an average daily cost of N50.

“After the pilot phase has been proven successful, we have a long term goal to provide 100,000 homes with the solar power systems within the next five years.

“The project would provide a long term solution to the problematic state of power generation, which is presently less than 4000 megawatts.

“Many Nigerians have resulted to the use of generators and lanterns, even from our factories, which has continually caused noise and environmental pollution, and the world is embracing solar energy,” he said.

He stated that the programme was a more viable solution to rural-urban migration and poverty alleviation, especially in the rural communities not covered by the national grid.

Also speaking at the event, one of the recipients of the loan, Mr Ifeanyi Orajaka, assured the stakeholders that the quality of the project would be of international standard.

Orajaka stated that a model of such project had been done by his company in a community in Rivers state since 2013.

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.

The SME Customer Portal is a platform that provides information about BOI’s SME customers in terms of their contact details, and value propositions. The main objective is to enhance the visibility of the SMEs and showcase their products thereby providing business-to-business (B2B) linkage opportunities among SMEs and between SMEs and their key partners such as suppliers, distributors, Large Enterprise off-takers, etc.  Information on over 400 customers have so far been uploaded on the portal.

The Customer Portal can be accessed through our website: www.boi.ng/thecustomerportal.

The Loan Application Tracking System is an IT tool developed to further enhance customer service delivery to our SME loan applicants. The tool enables customers to obtain online, real time updates on loan requests submitted to the Bank through an innovative loan status tracker on the Bank’s website: www.boi.ng/apply/track.

Customers are therefore relieved of the inconvenience of having to visit our offices for the purpose of monitoring the progress of their loan applications, as they are able to do so from the comfort of their homes or offices.

How to track loan status online:

• The tracking code sent along with the verification link is used to track the loan application status.
• On the website (boi.ng/apply/track), click on the “track your loan” link.
• Enter the tracking code and click on track.
• It immediately shows you the status/details of your application: New, Assigned, Pending, Approved, Unapproved.

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.

To address this deficiency, Kinesis Consulting Limited in partnership with BOI, has developed an SME Accounting Application (SAAPP). The Application has been tested to ensure that it enables users keep proper records of transactions as well as generate requisite financial statements. 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.

Features and Benefits of SAAPP

SAAPP will enable BOI SME customers to easily generate basic financial statements such as: v  Balance Sheets which report on the SME’s assets, liabilities and ownership equity.v  Profit & Loss Accounts, which report on the SME’s operation in terms of income (sales), expenses and profit or loss.v  Cash Flows such as SME’s operating, investing and financing activities. One important feature of SAAPP is the integrity of the financial statements generated on it. Once financial statements have been prepared, they cannot be altered at will. Consequently, it is the same statements that will be produced for submission to the tax authorities, statutory government agencies and financial institutions. The App also contains a link that enables the SME mail the financial statements directly to BOI.   SAAPP is being deployed to our SME customers via BOI branded, licensed and secured flash drives. The App is programmed for installation on a maximum of three devices per business entity and is available at a pocket-friendly price of N20,000.00. 

 How can SAAPP be used The simplified nature of the App makes it easy to use by SMEs. Structured financial statements can be generated simply by inputing 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