CBN Approves BoI To Launch Non-Interest Banking Services

According to industry reports, the Bank of Industry (BoI) has received approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) window. BoI Managing Director, Olasupo Olusi, described the approval as a significant milestone in the bank’s growth and long-term strategic development.

Olusi explained that the authorisation allows BoI to commence non-interest banking operations, positioning the institution to advance Nigeria’s sustainable and inclusive industrial development through financial solutions tailored for underserved and high-impact business segments.

He noted that the NIB framework would enable the bank to drive inclusive growth, mobilise ethical funding, support the real economy, and align financing activities with social and developmental objectives. “Under this framework, BoI will be able to finance assets and raw materials for customers using approved Non-Interest Banking products,” Olusi said.

The BoI chief emphasised that the approval reflects the CBN’s confidence in the bank’s commitment to responsible financing. He added that it will allow the bank to scale operations, introduce innovative financing solutions, and deepen support for Micro, Small and Medium Enterprises (MSMEs) as well as other underserved sectors critical to Nigeria’s economic growth.

Olusi further stated that the licence will enable BoI to reach new categories of borrowers who previously lacked access to financing. The bank’s move into non-interest banking aims to expand access to ethical funding for businesses, particularly for those who have traditionally avoided conventional interest-based loans. The initiative is also expected to create opportunities for ethically motivated, faith-sensitive enterprises, and other segments that face barriers in accessing traditional credit.