CBN Grants BOI New License for Non-Interest Banking in Nigeria Amid Recapitalization

The Central Bank of Nigeria (CBN) has approved a new license for the Bank of Industry (BOI) to operate as a non-interest bank in Nigeria, expanding its mandate to promote financial inclusivity and ethical financing. This approval comes amidst a broader recapitalization exercise in Nigeria's banking sector, signaling a strategic shift towards diversification and resilience in the banking industry.

The non-interest banking window will enable BOI to offer Sharia-compliant financial products, catering to businesses that prefer ethical financing options. Dr.

Olasupo Olusi, the Managing Director and Chief Executive Officer of BOI, described the license as a landmark moment for the institution's evolution and strategic positioning. Established in 1959, the Bank of Industry remains a key development finance institution in Nigeria, focusing on providing financial assistance to enterprises of all sizes.

The new license is expected to strengthen BOI's lending capabilities and support Nigeria's economic growth through tailored financial products for various sectors.