csrreporters 
The Bank of Industry (BOI) has begun issuing approvals for applications submitted under its Rural Area Programme on Investment for Development (RAPID) loan scheme, marking a significant step toward improving access to finance for micro, small, and medium enterprises (MSMEs) in rural communities across Nigeria.
In a notice to applicants, the development finance institution advised individuals and businesses that applied for the RAPID facility to regularly check their online dashboards, as approved applications are now being updated on the BOI RAPID portal. Successful applicants will see their application status changed to “Approved.”
The RAPID loan scheme is aimed at expanding affordable financing for MSMEs operating in rural areas, with a focus on supporting productive economic activities that promote job creation, income generation, and sustainable local development.
BOI explained that following approval, beneficiaries must meet specific post-approval requirements before funds can be disbursed. Applicants seeking loans of up to ₦5 million are required to provide one guarantor, while those applying for amounts above ₦5 million must present two guarantors. Beneficiaries are also required to place a lien on the assets being financed and execute a Global Standing Instruction (GSI) mandate, which enables loan recovery from accounts held across Nigerian banks in the event of default.
The bank further noted that applications can no longer be edited once submitted, advising applicants to rely solely on the status displayed on their dashboards for official updates and next steps.
The commencement of approvals underscores BOI’s commitment to expanding financial inclusion for rural enterprises, particularly agribusinesses, artisans, cooperatives, and other MSMEs that often struggle to access conventional bank financing. The RAPID programme is expected to strengthen economic activity and livelihoods in underserved communities nationwide.
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