The Central Bank of Nigeria (CBN) has approved the Bank of Industry (BOI) to operate a Non-Interest Banking window, marking a major expansion of the bank’s financing framework and service offerings.
The approval was disclosed in a statement issued on Sunday by the Managing Director of BoI, Dr. Olasupo Olusi, who said the move would strengthen the institution’s role in promoting sustainable industrial development across the country.
With the approval, BoI is authorised to commence non-interest banking operations, offering ethical, asset-backed financing options that prohibit interest and promote risk-sharing among stakeholders. The initiative is expected to improve access to finance for underserved and high-impact business segments nationwide.
Olusi said the development aligns with the growing demand for alternative financing structures that support inclusive growth and broader social development objectives in Nigeria.
“This development marks a significant milestone in the Bank of Industry’s growth and long-term development agenda,” Olusi said.
“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,” he added.
According to him, the new framework will allow BoI to finance assets and raw materials for customers using approved non-interest banking products, while maintaining strong governance and responsible financing practices.
He noted that the approval underscores the CBN’s confidence in BoI’s governance structure and institutional capacity to manage non-interest financial services.
Olusi explained that the licence would enable the bank to scale its operations, introduce innovative financing solutions, deepen support for Micro, Small and Medium Enterprises (MSMEs), and reach borrowers previously unable to access BoI funding nationwide across key sectors of the economy and industries nationwide.
