The Bank of Industry (BoI) has received regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non‑Interest Banking (NIB) window, expanding its financing framework and broadening the range of financial products available to Nigerian businesses. The approval was disclosed by BoI’s Managing Director, Dr Olasupo Olusi, during a weekend briefing in Lagos, Business Day reported.
Under the new framework, BoI will conduct non‑interest banking operations, a model that adheres to Islamic finance principles by prohibiting conventional interest and instead using asset-backed and risk-sharing structures. The initiative aims to mobilise ethical funding and provide access to credit for businesses that have traditionally avoided interest-based financing.
Dr Olusi said the approval reflects the CBN’s confidence in BoI’s governance and commitment to responsible financing. He added that the licence will enable the bank to scale operations, introduce innovative financing solutions, and reach new categories of borrowers, particularly micro, small and medium-sized enterprises (MSMEs) that are critical to Nigeria’s economic growth, as highlighted by Peoples Gazette Nigeria.
The non‑interest window is expected to complement BoI’s mandate of promoting sustainable, inclusive industrial development by providing tailored financing products for assets and raw materials. Nairametrics says the move could enhance financial inclusion and strengthen support for the real sector, contributing to Nigeria’s broader goal of diversifying credit access.
