The Bank of Industry (BOI) has disclosed that it has received regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window, marking a significant milestone in the Bank’s growth and long-term development agenda.
The approval positions BOI to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions targeted at underserved and high-impact business segments.
In a statement, the Divisional Head, Public Relations at BOI, Theodora Amechi, said the introduction of the Non-Interest Banking operations would enable the Bank to drive inclusive growth, mobilise new sources of ethical funding, expand support for the real economy, and align its financing activities with broader social and developmental objectives.
Under the new framework, BOI will be able to finance assets and raw materials for customers using approved Non-Interest Banking products, providing alternatives to conventional interest-based financing structures.
According to Amechi, the approval underscores the CBN’s confidence in BOI’s commitment to responsible and development-focused financing. She noted that the new window would allow the Bank to scale its operations, introduce innovative financing solutions, and deepen support for Micro, Small and Medium Enterprises (MSMEs), as well as other underserved segments critical to Nigeria’s sustainable economic growth.
The move is expected to strengthen BOI’s role in promoting financial inclusion and industrial development, while expanding access to funding for businesses seeking ethical and non-interest financial products.
