The Bank of Industry (BoI) has secured approval from the Central Bank of Nigeria (CBN) to operate a non-interest banking window, expanding its financing framework. BoI Managing Director, Dr. Olasupo Olusi, disclosed the approval on Sunday.

The new licence allows BoI to offer ethical, asset-backed financing that eliminates interest and promotes risk-sharing, targeting underserved and high-impact businesses. Olusi described the approval as a major milestone that will strengthen the bank’s role in driving sustainable and inclusive industrial development.

He said the initiative will enable BoI to finance assets and raw materials using approved non-interest products, scale operations, introduce innovative funding options, and deepen support for Micro, Small and Medium Enterprises. According to him, the approval reflects the CBN’s confidence in BoI’s governance and commitment to responsible financing.

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