The Bank of Industry (BoI) has received regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window. This approval marks a significant milestone in the bank’s growth and long-term development agenda, according to the bank.

Olasupo Olusi, the Managing Director of BoI, described the development as a significant step that will strengthen the bank’s role in promoting sustainable industrial development and improve access to finance for underserved and high-impact business segments across Nigeria. The approval authorizes BoI to commence non-interest banking operations, providing ethical, asset-backed financing options that prohibit interest and promote risk-sharing.

According to Mr. Olusi, the approval reflects the CBN’s confidence in BoI’s commitment to responsible financing. Under this framework, BoI will be able to finance assets and raw materials for customers using approved non-interest banking products.

The NIB operation will enable BoI to drive inclusive growth, mobilize new ethical funding, and expand support for the real economy, aligning its financing activities with social and developmental objectives.

The BoI head stated that the licence would allow the bank to scale its operations, introduce innovative financing solutions, and deepen support for Micro, Small, and Medium Enterprises (MSMEs), as well as reach a new category of borrowers who were previously unable to access BoI’s funding. This development will be particularly beneficial to those who have traditionally avoided conventional interest-based financing.

BOI’s decision to commence Non-Interest Banking operations is aimed at expanding access to ethical funding for businesses—particularly those that have traditionally avoided conventional interest-based financing. This initiative opens new opportunities for ethically motivated and faith-sensitive enterprises, as well as segments of the economy that face challenges accessing traditional credit. It enables such businesses to access much-needed financing and participate confidently in the formal financial system in a manner consistent with their values and business realities.