In a move aimed at expanding access to ethical, asset-backed financing to support inclusive and sustainable industrial development across the country, the Bank of Industry (BOI) has received regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking window.
The approval allows BOI to provide interest-free financial products structured around shared risk and real economic activity, targeting businesses and entrepreneurs who seek alternative financing models in line with ethical or faith-based principles, while deepening support for Nigeria’s industrial and SME sectors.
In a statement issued on its social media on Monday, the bank described the approval as a significant step toward widening financial inclusion.
It noted that the Non-Interest Banking window would enable it to better serve underserved segments of the economy and promote responsible, long-term industrial growth.
BOI added that the new window aligns with its broader mandate to drive economic diversification, job creation, and sustainable development, stressing that the initiative would complement existing financing products while adhering strictly to CBN regulations governing non-interest financial services.
According to the statement, “The Bank of Industry has received regulatory approval from the Central Bank of Nigeria to operate a Non-Interest Banking (NIB) Window.
“This milestone expands access to ethical, asset-backed, interest-free financing designed to support inclusive and sustainable industrial development across Nigeria.”
