The Bank of Industry (BoI) has received regulatory approval from the Central Bank of Nigeria (CBN) to launch a dedicated Non-Interest Banking (NIB) window, marking a strategic expansion of its developmental finance mandate.
Announcing the approval, BoI Managing Director Dr. Olasupo Olusi described the milestone as pivotal to the bank’s long-term growth strategy. The authorization permits BoI to commence operations under the CBN’s NIB framework, enabling it to offer Sharia-compliant and ethical financing products.
This move positions the national development bank to broaden its impact on Nigeria’s industrial sector. According to Olusi, the NIB window will allow BoI to provide tailored financial solutions for underserved and high-impact business segments, particularly Micro, Small and Medium Enterprises (MSMEs) and other enterprises that traditionally avoid conventional interest-based loans.
The new operations will focus on financing tangible assets and raw materials for customers through approved NIB structures, such as Murabaha and Ijarah. Olusi stated that this approach will help mobilize new pools of ethical funding, deepen support for the real economy, and align financing activities more closely with social and developmental objectives.
The CBN’s approval reflects regulatory confidence in BoI’s capacity for responsible financing, Olusi noted. He emphasized that the initiative will expand access to capital for a new category of borrowers, including ethically motivated and faith-sensitive enterprises, thereby promoting inclusive economic growth.
With the license, BoI plans to scale its operations and introduce innovative financing solutions that cater to specific market gaps. The bank aims to enhance its support for sectors critical to Nigeria’s sustainable economic development, offering an alternative pathway for businesses seeking financing that complies with their principles.
This development aligns with broader efforts in Nigeria’s financial sector to diversify banking models and increase financial inclusion. By adding NIB services, BoI—already a key player in industrial financing—extends its reach to entrepreneurs and businesses previously constrained by the lack of Sharia-compliant or ethical options.
The launch is expected to commence in the near future, following final operational preparations. It represents a significant step in BoI’s mission to drive industrial transformation through accessible, purpose-driven finance.
