By Muhammad Mamman
The Bank of Industry (BoI) has received regulatory approval from the Central Bank of Nigeria (CBN) to establish and operate a Non‑Interest Banking (NIB) window, a move officials say will expand ethical financing options and deepen financial inclusion across the country. 
The approval, disclosed on Sunday by BoI’s Managing Director, Dr. Olasupo Olusi, marks a significant milestone in the development finance institution’s strategic growth and long‑term development agenda. 
Non‑Interest Banking is a framework that offers financial services and products without conventional interest charges, relying instead on asset‑backed structures and shared risk models that are compliant with ethical and, often, Islamic finance principles. 
In a statement, Olusi said the licence positions BoI to deliver tailored financial solutions to businesses and segments of the economy that have traditionally been underserved by interest‑based financing. “This licence marks a pivotal moment in the bank’s journey of transforming Nigeria’s industrial sector,” he said, noting that the new window will enable BoI to reach borrowers who were previously unable to access its support. 
Under the framework, BoI will be able to finance assets and raw materials for clients using approved non‑interest banking products, a shift aimed at mobilising new ethical funding and aligning financing with social and developmental objectives. 
The initiative is expected to broaden access to financing for micro, small and medium‑sized enterprises (MSMEs), faith‑sensitive and ethically motivated businesses while complementing Nigeria’s wider efforts to diversify the financial system and promote inclusive growth. 
Observers say the approval not only reflects the CBN’s confidence in BoI’s governance and strategic direction but also signals a growing appetite for alternative financing models in Africa’s largest economy. 
