Bank of Industry Gets CBN’s Nod to Float Non-Interest Banking Window

·      Olusi: License will help to reach new category of borrowers not served who before

James Emejo in Abuja

The Bank of Industry (BoI) said it has secured regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window, marking a significant milestone in the development finance institution’s growth and long-term development agenda.

The approval authorises the bank to commence non-interest banking activities, positioning it to further advance sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments.

Commenting on the milestone, managing Director/Chief Executive, BoI, Dr. Olasupo Olusi said, “This license marks a pivotal moment in the bank’s journey of transforming Nigeria’s industrial sector. With this license we can reach a new category of borrowers who before now could not be served.

He said, “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.”

Essentially, the NIB operations will enable BoI to drive inclusive growth, mobilize new ethical funding, expand support for the real economy, and align its financing activities with social and developmental objectives.

Under the framework, BoI will be able to finance assets and raw materials for customers using approved non-interest banking products.

In a statement issued by Divisional Head, Public Relations, BoI, Theodora Amechi, Olusi further noted that the approval underscored CBN’s confidence in the bank’s commitment to responsible financing.

She said the bank’s decision to commence NIB operations was aimed at expanding access to ethical funding for businesses—particularly those that have traditionally avoided conventional interest-based financing.

According to her, the initiative opens new opportunities for ethically motivated and faith-sensitive enterprises, as well as segments of the economy that face challenges accessing traditional credit.

Theodora explained that the platform 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.

Meanwhile, BoI remains a foremost Development Finance Institution (DFI), committed to driving industrial growth and inclusive economic development.

Established in 1959 as the Investment Company of Nigeria (ICON) and reconstituted as Nigerian Industrial Development Bank (NIDB) under World Bank guidance in 1964.

The Bank assumed its current form in 2001 following the merger with Nigerian Bank for Commerce and Industry (NBCI), and the National Economic Reconstruction Fund (NERFUND).

Its primary mandate is to provide financial assistance for the establishment and expansion of large, medium, small-scale, and micro projects.