The Bank of Industry (BoI) has received regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window, marking a significant step in the bank’s growth and long-term development strategy. The approval allows BoI to commence operations aimed at providing tailored financial solutions to underserved and high-impact business segments.
According to a statement from the bank, the NIB Window will enable BoI to drive inclusive economic growth, mobilise ethical funding, expand support for the real economy, and align financing with social and developmental objectives. Through this framework, BoI will provide financing for assets and raw materials using approved NIB products.
“The approval underscores the CBN’s confidence in the bank’s commitment to responsible financing. This will allow the bank to scale its operations, introduce innovative financing solutions, and deepen support for Micro, Small and Medium Enterprises (MSMEs) and other underserved segments critical to Nigeria’s sustainable growth,” the statement added.
BoI Managing Director, Dr. Olasupo Olusi, said, “This licence marks a pivotal moment in the bank’s journey of transforming Nigeria’s industrial sector. It allows us to reach a new category of borrowers who previously could not access our services.” The initiative is particularly aimed at ethically motivated and faith-sensitive enterprises that have traditionally avoided conventional interest-based financing.
By launching Non-Interest Banking operations, BoI seeks to expand access to ethical funding, enabling businesses that face barriers to traditional credit to participate confidently in the formal financial system while remaining consistent with their values and business realities.
