Bank of Industry in Nigeria Receives Approval for Non-Interest Banking Operations

The Bank of Industry (BoI) in Nigeria has obtained regulatory approval to commence non-interest banking operations, a significant step towards promoting financial inclusion and supporting high-impact business segments. The division head of public relations at BoI, Theodora Amechi, highlighted that this initiative will enable BoI to drive inclusive growth, mobilize new ethical funds, and expand support for the real economy.

By aligning its financial activities with social development objectives, BoI will be able to finance assets, raw materials, and customer needs using approved non-interest banking products. This approval underscores the Central Bank of Nigeria's confidence in BoI's commitment to responsible finance, allowing the bank to scale its operations and introduce innovative financial solutions to deepen support for micro, small, and medium enterprises (MSMEs), a critical segment for Nigeria's sustainable economic growth.

Managing Director and CEO of BoI, Dr. Olasupo Olusi, emphasized that the non-interest banking license marks a pivotal moment in the bank's transformation journey, aiming to expand access to ethical funds for businesses, particularly those that traditionally avoid conventional interest-based financing, thereby opening new opportunities for faith-sensitive enterprises facing challenges in accessing traditional credit.