The Bank of Industry (BoI) has secured regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking window, marking a significant expansion of its financing framework.
The approval was disclosed on Sunday in a statement by the BoI Managing Director, Dr. Olasupo Olusi.
The development is expected to strengthen the bank’s role in promoting sustainable industrial development and expand access to finance for underserved and high-impact business segments across the country.
With the approval, BoI is authorised to commence non-interest banking operations, offering ethical, asset-backed financing options that prohibit interest payments and promote risk-sharing. The initiative aligns with growing demand for alternative financing structures that support inclusive growth and broader social development objectives.
Describing the approval as a major milestone in the bank’s growth and long-term development agenda, Olusi said it would enable BoI to deepen its contribution to Nigeria’s industrialisation drive through tailored financial solutions.
“This development marks a significant milestone in the Bank of Industry’s growth and long-term development agenda,” he said.
“It positions the bank to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments. Under this framework, BoI will be able to finance assets and raw materials for customers using approved non-interest banking products.”
Olusi noted that the approval underscores the CBN’s confidence in BoI’s governance structure and commitment to responsible financing.
He added that the licence would enable the bank to scale its operations, introduce innovative financing solutions, deepen support for Micro, Small and Medium Enterprises (MSMEs), and reach a new category of borrowers previously unable to access BoI funding.
