The Bank of Industry (BOI) has cleared the air on the delay in disbursing approved loans to applicants under its support programme, attributing the setback to a temporary software challenge and the need for further directives from the Federal Government.
In a statement signed by its management and issued on Thursday, the bank expressed regret over the delay, assuring beneficiaries that necessary measures were being taken to address the issue.
“The delay has been due to a temporary software challenge and the need to await further directives and intervention from the Federal Government to ensure a smooth and transparent disbursement process,” the statement said.
The BOI explained that loan disbursement would resume immediately after the system restoration and receipt of clearance from the appropriate authorities.
“We deeply regret any inconvenience this may have caused and wish to assure you that all necessary measures are being taken to resolve the issue promptly,” it stated.
The bank commended applicants for their patience and understanding, reiterating its commitment to supporting businesses and driving community empowerment across the country.
The Bank of Industry, Nigeria’s foremost development finance institution, continues to play a critical role in promoting industrial growth, entrepreneurship, and sustainable economic development.
