Yemisi Izuora
The Bank of Industry (BoI) is ready to operate a Non-Interest Banking (NIB) Window.
The Bank announced that it has secured regulatory approval from the Central Bank of Nigeria (CBN) to kickstart the initiative.
Announcing the milestone on Sunday in a statement, Managing Director, BoI, Dr Olasupo Olusi, said the development marked a significant milestone in the bank’s growth and long-term development agenda.
Olusi said the approval authorises BoI to commence non-interest banking operations.
According to him, 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.
Olusi noted that the NIB operations would enable BOI to drive inclusive growth, mobilise new ethical funding, expand support for the real economy, and align its financing activities with social and developmental objectives.
“Under this framework, BoI will be able to finance assets and raw materials for customers using approved Non-Interest Banking products.
“The approval underscores the CBN’s confidence in BoI’s commitment to responsible financing.
“This will allow BoI scale its operations, introduce innovative financing solutions, and deepen support for Micro, Small and Medium Enterprises (MSMEs), as well as other underserved segments critical to Nigeria’s sustainable economic growth,” he said.
Olusi added that with the license, BoI could now reach a new category of borrowers who before now could not be served.
He revealed that the bank’s decision to commence non-interest banking operations was aimed at expanding access to ethical funding for businesses.
Olusi stated that the development was particularly beneficial to those that have traditionally avoided conventional interest-based financing.
He added that the initiative opened new opportunities for ethically motivated and faith-sensitive enterprises, as well as segments of the economy that face challenges accessing traditional credit.