The Bank of Industry (BoI) has secured regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window, a move that marks a major milestone in the bank’s growth and long-term development strategy.
In a statement, the BOI said the approval allows it to formally commence non-interest banking operations. The initiative will strengthen its role in driving sustainable and inclusive industrial development through tailored financial solutions targeted at underserved and high-impact sectors.
According to BoI, the new NIB window will support inclusive growth by mobilising ethical funding, expanding financing for the real economy, and aligning lending activities with social and developmental objectives. Under the framework, the bank will finance assets and raw materials using approved non-interest banking products.
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The approval also reflects the CBN’s confidence in BoI’s commitment to responsible and development-focused financing. The bank said the licence would enable it to scale operations, introduce innovative funding solutions, and deepen support for Micro, Small and Medium Enterprises (MSMEs) and other underserved segments critical to Nigeria’s economic growth.
Commenting on the development, Managing Director of BoI, Dr. Olasupo Olusi, described the approval as a turning point for the institution.
“This licence marks a pivotal moment in the bank’s journey to transform Nigeria’s industrial sector. It allows us to reach a new category of borrowers who previously could not access our services,” Olusi said.
BoI explained that the decision to commence non-interest banking operations aims to expand access to ethical financing, particularly for businesses that avoid conventional interest-based loans due to faith-based or ethical considerations.
The initiative is expected to unlock new opportunities for faith-sensitive and ethically motivated enterprises, as well as businesses that struggle to access traditional credit. By doing so, BoI said it would enable more enterprises to access financing and participate confidently in the formal financial system in line with their values and business needs.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
