BREAKING: Bank of Industry Breaks New Ground As CBN Approves Non-Interest Banking Window
The Bank of Industry, BOI, has taken a major step toward expanding ethical and inclusive financing in Nigeria following regulatory approval from the Central Bank of Nigeria, CBN, to operate a Non-Interest Banking, NIB, Window.
The approval authorises BOI to commence non-interest banking operations, a move expected to strengthen the Bank’s role in driving sustainable industrial development and widening access to finance for underserved and high-impact business segments across the country.
A statement by the Bank’s Divisional Head, Public Relations, Theodora Amechi, said with the new window, BOI will be able to mobilise ethical funding, support the real economy more effectively, and align its financing activities with social and developmental objectives.
The framework will allow the Bank to finance assets and raw materials using approved non-interest banking products, offering an alternative to conventional interest-based financing.
Industry analysts say the approval reflects the CBN’s confidence in BOI’s governance and commitment to responsible financing.
It is also expected to enable the Bank to scale its operations, introduce innovative financing solutions, and deepen support for Micro, Small and Medium Enterprises, MSMEs, and other critical but underserved sectors of the economy.
Speaking on the development, the Managing Director and Chief Executive Officer of BOI, Dr. Olasupo Olusi, described the approval as a turning point in the institution’s evolution.
Olusi said “This licence marks a pivotal moment in the Bank’s journey to transform Nigeria’s industrial sector. With this approval, we can reach a new category of borrowers who, until now, could not be served.”
The introduction of Non-Interest Banking by BOI is aimed at expanding access to ethical financing, particularly for businesses that have traditionally avoided conventional interest-based loans for religious or ethical reasons.
The initiative is expected to create new opportunities for faith-sensitive and ethically motivated enterprises, enabling them to access formal financing in line with their values.
Established in 1959, the Bank of Industry is Nigeria’s foremost Development Finance Institution, with a mandate to provide financial assistance for large, medium, small-scale and micro enterprises.
The latest approval further reinforces its strategic position in supporting inclusive economic growth and long-term
