RismadarVoice Reporters
February 9, 2026
The Bank of Industry (BoI) has received regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking window, marking a significant expansion of its financing framework.
The approval was disclosed in a statement on Sunday by the Managing Director of the bank, Dr Olasupo Olusi.
According to the statement, the development is expected to strengthen BoI’s role in promoting sustainable industrial development and improve access to finance for underserved and high-impact business segments across the country.
With the approval, the bank is authorized to commence non-interest banking operations, offering ethical, asset-backed financing options that prohibit interest charges and promote risk-sharing.
The initiative aligns with the growing demand for alternative financing models designed to support inclusive economic growth and broader social development objectives.
Describing the approval as a major milestone, Olusi said it would enable the bank to deepen its contribution to Nigeria’s industrialisation drive through tailored financial solutions.
“This development marks a significant milestone in the Bank of Industry’s growth and long-term development agenda,” he said.
“It positions the bank to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments.
“Under this framework, BoI will be able to finance assets and raw materials for customers using approved non-interest banking products.”
Olusi added that the approval reflects the CBN’s confidence in the bank’s governance structure and commitment to responsible financing.
He said the licence would allow BoI to scale its operations, introduce innovative financing solutions, deepen support for Micro, Small and Medium Enterprises (MSMEs), and reach a new category of borrowers who were previously unable to access BoI funding.
