The Bank of Industry (BoI) has announced that it has obtained regulatory approval from the Central Bank of Nigeria (CBN) to launch a Non-Interest Banking (NIB) Window. This development marks a pivotal step in the institution's growth and strategic development goals.
With this approval, BoI is now authorized to begin offering non-interest banking services, aiming to enhance sustainable and inclusive industrial progress through customized financial solutions targeted at underserved and impactful business sectors.
Dr. Olasupo Olusi, the Managing Director and Chief Executive of BoI, commented on this achievement, stating, "This license signifies a crucial milestone in our mission to transform Nigeria’s industrial landscape. It will enable us to reach a new demographic of clients that have, until now, remained unserved."
He further explained, "This initiative will empower the bank to broaden its operational scope, introduce innovative funding solutions, and reinforce support for micro, small, and medium enterprises (MSMEs) and other underrepresented sectors essential to Nigeria’s sustainable economic advancement."
The Non-Interest Banking operations will empower BoI to promote inclusive economic growth, attract new ethical funding sources, bolster assistance for the real economy, and ensure that its financing efforts are aligned with social and development objectives.
Under the proposed framework, BoI will be capable of financing essential assets and raw materials through approved non-interest banking products.
Theodora Amechi, Divisional Head of Public Relations at BoI, reiterated that this approval highlights CBN’s trust in the bank’s dedication to responsible financing practices.
She remarked that the bank’s initiative to launch NIB operations is designed to enhance access to ethical funding for businesses that have refrained from traditional interest-bearing financing methods.
This initiative presents new avenues for enterprises driven by ethical values and those impacted by barriers in securing conventional credit.
Amechi added that the platform allows these businesses to secure vital funding and engage confidently in the official financial system in a way that aligns with their values and business realities.
Meanwhile, BoI continues to be a leading Development Finance Institution (DFI) dedicated to fostering industrial growth and inclusive economic development.
Founded in 1959 as the Investment Company of Nigeria (ICON) and restructured as the Nigerian Industrial Development Bank (NIDB) in 1964 under the auspices of the World Bank, the bank adopted its current form in 2001 after merging with the Nigerian Bank for Commerce and Industry (NBCI) and the National Economic Reconstruction Fund (NERFUND).
Its primary role is to provide financial support for establishing and expanding large, medium, small-scale, and micro projects.
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