BOI Secures CBN Approval to Operate Non-Interest Banking Window
The Central Bank of Nigeria (CBN) has granted regulatory approval to the Bank of Industry (BoI) to operate a Non-Interest Banking (NIB) window as part of its operations.
The approval was disclosed on Sunday by the Managing Director of BoI, Olasupo Olusi, who described the development as a major milestone in the bank’s growth and long-term development agenda.
Olusi said the approval would strengthen BoI’s role in promoting sustainable industrial development and expand access to finance for underserved and high-impact business segments across the country.
According to him, the NIB window will enable the bank to drive inclusive growth, mobilise ethical funding, and align its financing activities with social and developmental objectives. He explained that the approval authorises BoI to commence non-interest banking operations, offering asset-backed and ethical financing options that prohibit interest and promote risk-sharing.
The BoI Managing Director noted that the approval reflects the confidence of the CBN in the bank’s commitment to responsible financing.
He added that under the non-interest framework, BoI will be able to finance assets and raw materials for customers using approved non-interest banking products, thereby expanding support for the real economy.
Olusi further stated that the licence would allow the bank to scale its operations, introduce innovative financing solutions, deepen support for Micro, Small and Medium Enterprises (MSMEs), and reach new categories of borrowers who have traditionally avoided conventional interest-based financing.
He emphasised that the development positions BoI to further advance Nigeria’s sustainable and inclusive industrial growth through tailored financial solutions for critical sectors of the economy.
