iDeemlawfulThe Bank of Industry (BoI) has obtained regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking window, representing a significant expansion of its financing framework.
The approval was announced in a statement on Sunday by the BoI Managing Director, Dr. Olasupo Olusi.
The move is expected to enhance the bank’s role in advancing sustainable industrial development while improving access to finance for underserved and high-impact business segments nationwide.
With the authorisation, BoI can now roll out non-interest banking services, providing ethical, asset-backed financing options that prohibit interest and emphasise risk-sharing.
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The initiative responds to increasing demand for alternative financing models that promote inclusive growth and broader social development goals.
Olusi described the approval as a major milestone in the bank’s growth and long-term development strategy, noting that it strengthens BoI’s contribution to Nigeria’s industrialisation through customised financial solutions.
“This development marks a significant milestone in the Bank of Industry’s growth and long-term development agenda.
“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.
“Under this framework, BoI will be able to finance assets and raw materials for customers using approved non-interest banking products,” he added.
Olusi said the approval reflects the CBN’s confidence in BoI’s governance framework and commitment to responsible financing.
He added that the licence would allow the bank to scale its operations, introduce innovative funding solutions, strengthen support for Micro, Small and Medium Enterprises, and reach borrowers who previously could not access BoI financing.