BOI Secures CBN Approval to Launch Non-Interest Banking Window

The Bank of Industry (BOI) has obtained regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window, marking a major milestone in its growth strategy and commitment to inclusive economic development.
The approval authorises BOI to commence non-interest banking operations, enabling the Bank to broaden its financing options and deliver ethical, value-based financial solutions to underserved and high-impact segments of the Nigerian economy.
With the new window, BOI will be able to mobilise alternative funding, support the real sector and align its financing activities with social and developmental objectives. The framework allows the Bank to finance assets and raw materials using approved non-interest banking products, particularly benefiting businesses that avoid conventional interest-based financing.
The development reflects the CBN’s confidence in BOI’s approach to responsible and sustainable financing, while also strengthening the Bank’s capacity to introduce innovative products and deepen support for Micro, Small and Medium Enterprises (MSMEs) and other underserved groups critical to Nigeria’s industrial growth.
Announcing the approval, the Managing Director and Chief Executive Officer of BOI, Dr. Olasupo Olusi, described the licence as transformative.
“This licence marks a pivotal moment in the Bank’s journey of transforming Nigeria’s industrial sector. With this approval, we can reach a new category of borrowers who previously could not be served,” Olusi said.
BOI explained that the move into non-interest banking is designed to expand access to ethical funding for businesses that are faith-sensitive or value-driven, as well as enterprises that face challenges accessing traditional credit. The initiative provides such businesses with a pathway into the formal financial system while remaining consistent with their values and operational realities.
Established in 1959 as the Investment Company of Nigeria (ICON) and reconstituted in 2001 following a merger with the Nigerian Bank for Commerce and Industry (NBCI) and the National Economic Reconstruction Fund (NERFUND), BOI remains Nigeria’s foremost Development Finance Institution.
The Bank’s mandate is to provide long-term financial support for the establishment and expansion of micro, small, medium and large-scale enterprises, reinforcing its role as a key driver of industrialisation and inclusive economic growth in Nigeria.