BoI Gets CBN Approval to Launch Non‑Interest Banking Window in Nigeria

BoI Gets CBN Approval to Launch Non‑Interest Banking Window in Nigeria

ABUJA — The Bank of Industry (BoI) has received regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non‑Interest Banking (NIB) Window, a landmark development in the bank’s growth and long-term strategy to support sustainable and inclusive industrial development.

According to a statement from BoI, the approval authorises the bank to commence Non‑Interest Banking operations, enabling it to offer tailored financial solutions for underserved and high-impact business segments, particularly Micro, Small and Medium Enterprises (MSMEs).

Under the NIB framework, BoI will finance assets, raw materials, and other operational needs using approved ethical financial products, allowing businesses that traditionally avoid interest-based financing to access formal credit in line with their values.

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“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 MSMEs, as well as other underserved segments critical to Nigeria’s sustainable economic growth,” the statement said.

Dr. Olasupo Olusi, Managing Director of BoI, described the approval as a “pivotal moment” in the bank’s journey to transform Nigeria’s industrial sector. “With this licence, we can reach a new category of borrowers who before now could not be served,” he said.

The initiative is expected to mobilise new ethical funding, expand support for the real economy, and align financing activities with social and developmental objectives, enabling ethically motivated and faith-sensitive enterprises to participate confidently in the formal financial system.

Analysts say the move is part of a broader trend in Nigeria to diversify financing options, deepen financial inclusion, and provide Sharia-compliant and ethical banking solutions that address the needs of enterprises often excluded from conventional credit markets.

This approval positions BoI among a growing group of financial institutions offering non-interest banking services in Nigeria, reinforcing the country’s efforts to expand inclusive and sustainable financing for industrial development.

BoI Gets CBN Approval to Launch Non‑Interest Banking Window in Nigeria