4 articles · Updated · msmeafricaonline.com · May 4
Nigerian applicants said Bank of Industry-backed loans remained unpaid for six months to two or three years despite offer letters, signed agreements and completed documentation.
Complaints resurfaced after a BOI social media post, with users questioning whether the scheme was still active and criticising the bank for private replies without a public explanation.
The intervention loan is meant to help micro, small and medium-sized enterprises access finance, grow and create jobs, but delays are disrupting business plans and eroding confidence in government support schemes.
With public loans stalled for years, are private accelerators the only viable path for African entrepreneurs?
Debt financing now leads equity in African tech. Is this a sign of market maturity or a new risk for innovation?
As Africa's startup funding rises, why is the capital for women founders and early-stage ventures shrinking?
BOI’s ₦75 Billion MSME Intervention Fund: Over 60% of Approved Loans in FCT Still Undisbursed Due to Compliance Gaps
Overview
As of early August 2025, the Bank of Industry approved ₦2.9 billion in loans for 662 MSMEs in the Federal Capital Territory, but only ₦900 million was disbursed to 262 businesses, leaving 400 approved applicants waiting and ₦2.0 billion undisbursed. These delays are mainly due to incomplete documentation and compliance gaps, caused by the high cost, complexity, and limited awareness of the fund's requirements. To address this, BOI runs loan clinics to assist applicants. While some beneficiaries have successfully used the funds to grow their businesses and create jobs, faster disbursement is needed to scale impact. New applicants are advised to formalize their businesses and maintain proper records to avoid delays.