Lagos: The Bank of Industry (BoI) has successfully obtained regulatory approval from the Central Bank of Nigeria (CBN) to initiate a Non-Interest Banking (NIB) Window. This development, announced in a statement by BoI’s Managing Director, Dr. Olasupo Olusi, signifies a pivotal advancement in the bank’s growth and long-term development strategy.
According to News Agency of Nigeria, the approval empowers BoI to begin non-interest banking operations, thereby enhancing its capability to promote Nigeria’s sustainable and inclusive industrial development. This will be achieved through customized financial solutions targeting underserved and high-impact business segments.
Olusi emphasized that the NIB operations will enable BoI to foster inclusive growth, attract new ethical funding sources, and boost support for the real economy. Additionally, it will align the bank’s financing activities with social and developmental goals. Through this framework, BoI can finance assets and raw materials for customers using appr
oved Non-Interest Banking products.
He highlighted that the approval reflects the CBN’s confidence in BoI’s dedication to responsible financing. This will allow the bank to scale its operations, introduce innovative financing solutions, and enhance support for Micro, Small and Medium Enterprises (MSMEs), along with other critical underserved segments essential for Nigeria’s sustainable economic growth.
Olusi further explained that with the new license, BoI can now cater to a category of borrowers previously unreachable. The decision to start non-interest banking operations aims to broaden access to ethical funding for businesses, particularly benefitting those that have historically avoided conventional interest-based financing. This initiative opens avenues for ethically motivated and faith-sensitive enterprises and segments of the economy that struggle to access traditional credit.