← Embedded Finance Index 2026

Bank of Industry Limited

“Can a state-owned Nigerian DFI scale international syndicated wholesale funding and digital origination portals fast enough to meaningfully move MSME and industrial credit in Nigeria?”

Founded1964
HQLagos Island, Lagos, Nigeria
Latest round€1.425B senior syndicated loan (2024)
IndustryBank / National
The story

Bank of Industry is Nigeria's oldest and largest development finance institution, majority government-owned, focused on SME/MSME lending, intervention funds, and large-enterprise industrial financing rather than commercial retail banking. It is not a fintech and does not run an embedded finance stack in the modern BaaS sense — its 'embedded' surface is a set of intervention-fund portals (iDICE, iProgrammes, TISSF, GLOW, fundpartner) that serve as origination front-ends for its own loan book. Recent evolution is around syndicated wholesale funding from international markets and ISO 27001/27701 compliance rather than customer-facing product innovation.

Last 12 months
2024-09
2025-10
Product timeline
1964
Established as Nigeria's development finance institution (predecessor entities NIDB/NBCI/NERFUND later reorganized into BOI).· founding
2015
Launched digital product suite for SMEs — SME Mobile App, SAAPP accounting software, Online Loan Application Portal, Loan Tracking, SME Customer Portal.· digital
2019
Achieved ISO 27001 certification for information security management.· compliance
2022
Raised €1B via first major syndicated term loan facility.· funding
2023
Implemented ISO 27701 Privacy Information Management System.· compliance
2024
Closed €1.425B senior tranche of global loan syndication (142.5% subscription) — largest syndication in BOI's history.· funding
2025
Announced 2025–2027 Corporate Strategy to scale developmental impact and expand national reach.· strategy
Regulated entities
1
regulatory licence held by Bank of Industry Limited
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
3 layers disclosed in Bank of Industry Limited’s embedded-finance stack
Banking / BaaS
Bank of Industry Limited (in-house)
Lending
in the full report
Accounting
in the full report
Accounting gap: significant
22 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.