BoI gets CBN nod to launch non-interest banking

The Bank of Industry has received approval from the Central Bank of Nigeria to operate a Non-Interest Banking window, a move the bank described as a major step in its growth and long-term development plans.

In a statement, the bank said the approval allows it to begin Non-Interest Banking operations, which will help it support Nigeria’s drive for sustainable and inclusive industrial development, especially for underserved businesses and high-impact sectors.

According to the statement, the new window will enable BoI to promote inclusive growth, attract ethical sources of funding, strengthen support for the real economy, and ensure its financing aligns with social and development goals.

Under the Non-Interest Banking framework, the bank will be able to finance assets and raw materials for customers using approved non-interest financial products, expanding access to funding for businesses that prefer ethical and interest-free options.

“The approval underscores the CBN’s confidence in the bank’s commitment to responsible financing. This will 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 statement added.

Commenting, Managing Director of BoI, Dr. Olasupo Olusi said: “This licence marks a pivotal moment in the Banks’s journey of transforming Nigeria’s industrial sector. With this licence we can reach a new category of borrowers who before now could not be served.”

BOI’s decision to commence Non-Interest Banking operations is aimed at expanding access to ethical funding for businesses—particularly those that have traditionally avoided conventional interest-based financing.

This initiative opens new opportunities for ethically motivated and faith-sensitive enterprises, as well as segments of the economy that face challenges accessing traditional credit. It enables such businesses to access much-needed financing and participate confidently in the formal financial system in a manner consistent with their values and business realities.

Join Very Nigerian WhatsApp Channel
For Verified Breaking News, Exclusive Reports, Trending Stories, And Real-time Updates.
CLICk HERE TO JOIN!