Bank of Industry commits to support SecureID expansion to East Africa

The Bank of Industry (BoI) has reiterated its commitment to supporting SecureID, Africa’s leading smart card manufacturing company as the firm expands operations to East Africa.

Olasupo Olusi, Managing Director and Chief Executive Officer of BoI, made the pledge during a recent visit to SecureID’s state-of-the-art manufacturing plant in Lagos, Nigeria.

SecureID, headquartered in Nigeria serves clients across 21 African countries, providing innovative, high-quality and sustainable solutions for the financial, telecom and public sectors.

Since receiving its first financing facility from the Bank in 2010, SecureID has grown exponentially now exporting to 21 countries across Africa. The company is also eyeing opportunities beyond the continent aiming to solidify its position as a global player in the smart card industry.

Olusi commended SecureID’s achievements, describing the company as “a classic example of Nigeria’s entrepreneurship at its very best.”

He stated, “We are proud that BoI has supported SecureID since its inception. We will continue to support them because the trajectory of their progress is remarkable. This is one of those key success stories that truly exemplifies Nigeria’s potential.”

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Adedotun Sulaiman, chairman, SecureID, expressed gratitude for BoI’s unwavering support which has been instrumental in the company’s growth. He highlighted SecureID’s ambitions to explore new markets, particularly in the public sector.

“The future is bright. There are many areas we have yet to conquer, especially in the public sector. We have the capacity to produce voter cards and international passports. The possibilities are immense,” Sulaiman said.

During the visit, Kofo Akinkugbe, SecureID’s Founder and GMD led the BoI team on a tour of the facility. She emphasised that BoI’s role in the company’s success extends beyond financial backing.

“I would call BoI a stakeholder—a stakeholder in the vision and dream we had from the beginning. BoI has not only provided financial support but has also ensured that we stay on the right path. As a technology-driven business, innovation is key and the Bank has been a fantastic strategic partner,” Akinkugbe noted.

Akinkugbe also emphasised that BoI’s gender-sensitive approach which has been particularly supportive of her leadership. “BoI’s development finance has been crucial in helping us expand. Their patient capital has allowed us to grow steadily and achieve significant milestones,” she added.