The Bank of Industry (BoI) has received formal approval from the Central Bank of Nigeria (CBN) to commence operations under a Non-Interest Banking (NIB) framework, marking a strategic expansion of its development finance mandate.
The approval authorises BoI to operate a dedicated non-interest banking window, enabling the institution to provide Shariah-compliant and ethically structured financing solutions to businesses that have historically been excluded from conventional interest-based credit.
In a statement issued in Lagos, BoI’s Managing Director and Chief Executive Officer, Dr Olasupo Olusi, described the regulatory clearance as a major inflection point in the bank’s institutional growth and long-term development strategy.
According to Olusi, the approval positions BoI to deepen its role in driving inclusive and sustainable industrialisation by offering financing products tailored to underserved, faith-sensitive, and impact-driven enterprises across Nigeria’s real economy.
He explained that the non-interest banking framework will allow the bank to finance assets, equipment, and raw materials through approved ethical financing instruments, broadening its reach to new borrower segments previously outside its operational scope.
“The introduction of non-interest banking strengthens our capacity to mobilise ethical capital, expand support for productive sectors, and align financing with broader social and developmental outcomes,” Olusi said.
He added that the move reflects the CBN’s confidence in BoI’s governance standards and commitment to responsible lending, noting that the new window would enable the bank to scale its operations while deploying innovative financing structures.
With the licence now secured, BoI expects to significantly deepen support for Micro, Small and Medium Enterprises (MSMEs), as well as other high-impact but underserved segments critical to Nigeria’s long-term economic resilience.
Olusi further disclosed that the decision to introduce non-interest banking was driven by the need to widen access to ethical funding, particularly for businesses that deliberately avoid conventional loans due to religious or ethical considerations.
The initiative is expected to unlock new opportunities for socially conscious enterprises and faith-based businesses while strengthening BoI’s contribution to inclusive growth, industrial expansion, and sustainable development across the country.
 has received formal approval from the Central Bank of Nigeria (CBN) to commence operations under a Non-Interest Banking (NIB) framework, marking a strategic expansion of its development finance mandate.){kind=link}