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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 broadens its financing toolkit and deepens its push for inclusive industrial development.
The approval marks a major milestone in BoI’s growth and long-term strategy, authorising the development finance institution to roll out non-interest banking operations tailored to businesses and sectors that have traditionally been excluded from conventional interest-based financing. With the green light from the CBN, BoI is now positioned to mobilise new pools of ethical funding and deploy them to high-impact segments of the real economy.
Under the Non-Interest Banking framework, BoI will finance assets and raw materials for customers using approved NIB products. The initiative is designed to support inclusive growth, expand access to development finance, and align the Bank’s lending activities with social, ethical and developmental objectives.
The approval also reflects the CBN’s confidence in BoI’s governance standards and commitment to responsible financing. It is expected to enable the Bank to scale its operations, introduce innovative financing solutions, and strengthen support for Micro, Small and Medium Enterprises (MSMEs), which remain central to Nigeria’s industrialisation and job creation agenda.
Announcing the development, the Managing Director and Chief Executive Officer of BoI, Dr Olasupo Olusi, described the licence as a turning point for the institution. “This licence marks a pivotal moment in the Bank’s journey of transforming Nigeria’s industrial sector,” he said.
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“With this licence, we can reach a new category of borrowers who before now could not be served.”
BOI’s entry into non-interest banking is particularly aimed at businesses that have avoided conventional loans due to ethical, faith-based or structural concerns around interest. By offering alternative financing structures, the Bank is opening new opportunities for ethically motivated and faith-sensitive enterprises, as well as underserved segments that face barriers in accessing traditional credit.
Beyond expanding financial inclusion, the initiative is expected to bring more businesses into the formal financial system, enabling them to access long-term funding in ways that reflect their values and operational realities.
Established in 1959, BOI is Nigeria’s foremost Development Finance Institution, with a mandate to drive industrial growth and inclusive economic development. Through its evolving financing platforms, the Bank continues to play a central role in supporting large, medium, small-scale and micro enterprises across the country, accentuating its position as a catalyst for sustainable economic transformation.
