The Bank of Industry (BOI) has received the ISO ‎9001:2008 Quality Management Systems Certification for raising its standards of operations, policies and excellent customer relationships in the country. Managing Director, BOI, Mr. Rasheed Olaoluwa explained that the certification means that the Development Finance Institution (DFI) has already achieved its strategic objective of adopting global best practices. The MD during the presentation of the certificate by a leading certification body with global recognition in 2014, DQS Management Systems Nigeria Limited, stressed that to achieve this certification, BOI has had to overhaul its processes, procedures and systems to meet global standards. “It was a very rigorous and painstaking process involving every BOI staff and director.  There were several aspects of our policies and procedures that required significant amendments that had to be reviewed, discussed and approved by the Bank’s board of directors.  We have instituted a bank-wide set of systems and procedures that will ensure efficient utilisation of resources and quality service delivery, thereby promoting optimal performance on all fronts,” he said. According to him, “The bank has established a customer service department, developed and launched a customer service charter, we have held regional customer interactive sessions, held town hall meetings with all staff, upgraded our facilities, established more state offices, upgraded our banking application, commenced the automation of our processes, launched an SME App, an Online Loan Application Portal, and a Loan Tracking System and so on.” He pointed out that In 2014, the bank developed a five-year strategic plan to become the leading development finance institution in Africa, operating under global best practices, maintaining that global best practices imply operational efficiency, customer service excellence and quality management system.  ‎


In his words, The ISO 9001:2008 is accepted worldwide as the standard that defines quality.  It sets the criteria for quality management system and provides the necessary framework to improve operational efficiency, minimise risk and optimise opportunities.‎” At the end of the day, we are very pleased, that BOI has finally achieved the objective of ISO 9001:2008 Quality Management Systems Certification, consistent with one of the key strategic objectives under our five-year Strategic Plan.  We have the honour of being the first and only Nigerian DFI to become ISO 9001:2008 certified.  With this certification, our operating paradigm has shifted to a higher level of global standards and best practices.  We have embraced excellence and quality in all aspects of our operations,” he stressed. He said with this certification, its customers and partners can expect steadfast commitment to customer service excellence and ongoing developmental impact in Nigeria’s real sector. He stated that the bank has commenced a Small and Medium Enterprise (SME) cluster development initiative to deepen its offerings to SMEs in various clusters across Nigeria, noting that in this regard, the DFI introduced the Cottage Agro Processing (CAP) fund for the agro processors of farm produce such as cassava, plantain, groundnut shearnuts among others. “We also introduced Nollyfund to support Nigeria’s lending and promising movie producers.  Many more products and funds are being developed for other clusters such as Furniture, Fashion, Aquaculture, Leather and others. “I know that the journey towards this certification has been very demanding.  Our staff have been called upon to give more of their times, late evenings, and sometimes, even weekends.  I therefore want to especially commend and also congratulate all my colleagues, the management and staff of BOI for a job well done. I am very grateful to our Board of Directors for their support, advice and guidance,” he said.


He said the bank is determined to support Nigeria’s real sector by making a difference in the financing and support of the nation’s SME sector.


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