ISO certifies BoI’s operations, quality management systems

In recognition of its operational efficiency and improved customer relations in Nigeria, the International Organisation for Standardisation (ISO) has certified the Bank of Industry’s processes with the ISO ‎9001:2008 quality management systems certification.

The certification, which was achieved within a time frame of seven months makes the bank, the only development finance institution in the country to be certified by the body.

BoI’s Managing Director, Rasheed Olaoluwa, while speaking during the presentation of the certificate by DQS Management Systems Nigeria Limited, explained that the certification means that the Development Finance Institution (DFI) has already achieved its strategic objective of adopting global best practices.
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He noted that the bank, in achieving the certification, 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.

He added that, “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.”

Representative DQS-UL Management Systems and Chief Executive Officer, DQS, South Africa, Francois Lasbuschagne, urged the bank to ensure adherence to sustainable practice adding that the feat has made the bank hit a benchmark for other DFIs to follow.
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Olaoluwa 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, minimize risk and optimize opportunities.‎
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“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.
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He said with the certification, the bank’s customers and partners can expect steadfast commitment to customer service excellence and ongoing developmental impact in Nigeria’s real sector.
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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, shea nuts among 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.
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On his part, Country Director, DQS Nigeria, Lawrence Ogudu noted that the bank’s certification success is a typical evidence of preparation meeting opportunity, adding that thefeat was achieved in record time.