BoI secures approval to operate non-interest banking

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 the Bank to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments, a statement by Theodora Amechi Divisional Head, Public Relations at BoI said.

“The Non-Interest Banking 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 this framework, BOI will be able to finance assets and raw materials for customers using approved Non-Interest Banking products.

“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,”

Commenting on the development, the statement quoted the MD/CEO, Bank of Industry, Dr. Olasupo Olusi as saying, “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,” the statement added.

Nigerians can now invest ₦2.5 million on premium domains and profit about ₦17-₦25 million. All earnings paid in US Dollars. Rather than wonder, click here to find out how it works.

Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.