The Bank of Industry (BoI) has received regulatory clearance from the Central Bank of Nigeria (CBN) to introduce a non-interest banking (NIB) window, marking a strategic expansion of its financial services model.
The approval empowers the development finance institution to deploy Shariah-compliant and ethically structured financial products that eliminate conventional interest charges. Instead, the framework supports asset-backed financing, trade transactions, and investment partnerships structured around profit-sharing and risk-sharing principles.
According to BoI’s Managing Director, Olasupo Olusi, the authorization represents a pivotal step in strengthening the bank’s long-term institutional growth strategy. He noted that the initiative aligns with BoI’s broader mandate to deepen inclusive industrialisation and widen access to capital for economically significant but underserved segments.
Under the new structure, the bank will finance equipment acquisition, raw material procurement, and other productive assets through approved non-interest instruments. This approach is expected to attract businesses and entrepreneurs who have traditionally avoided conventional lending due to religious or ethical considerations.
Olusi stated that the regulator’s approval reflects confidence in BoI’s governance standards and commitment to responsible financing practices. He added that the non-interest window will enable the bank to diversify its funding base, introduce innovative financial solutions, and strengthen its support for Micro, Small, and Medium Enterprises (MSMEs).
By entering the non-interest banking space, BoI positions itself to mobilise new pools of ethical capital while reinforcing its role in driving sustainable economic development. The initiative is particularly targeted at faith-sensitive enterprises and sectors that have historically faced structural barriers to accessing traditional credit facilities.
The development builds on BoI’s strong disbursement performance. As of December 2025, the institution reported deploying over ₦1.27 trillion across 14 sectors in 2024. This included major intervention programmes such as a ₦200 billion MSME support fund, a ₦50 billion presidential grant scheme, a ₦75 billion MSME expansion facility, and a ₦75 billion manufacturing fund.
With the new license in place, the bank is set to broaden its financing reach, strengthen industrial capacity, and accelerate inclusive growth within Nigeria’s real economy.
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