The Bank of Industry (BoI) has secured regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window, marking a significant expansion of its financing framework.
The approval was disclosed in a statement on Sunday, February 8, 2026, by the BoI Managing Director, Dr Olasupo Olusi, who described the move as a major milestone in the bank’s growth and development agenda.
With the approval, BoI is authorised to commence non-interest banking operations, offering ethical, asset-backed financing structures that prohibit interest payments and promote risk-sharing between the bank and its customers.
The initiative is expected to strengthen BoI’s role in promoting sustainable industrial development and expanding access to finance for underserved, high-impact business segments across Nigeria, particularly Micro, Small and Medium Enterprises (MSMEs).
According to the bank, the NIB window aligns with the growing demand for alternative financing models that support inclusive growth, social development, and responsible financing practices.
Significance of Approval
Olusi said the approval positions BoI to deepen its contribution to Nigeria’s industrialisation drive through tailored and innovative financial solutions.
“This development marks a significant milestone in the Bank of Industry’s growth and long-term development agenda,” he said.
“It positions the bank to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments.”
He added that under the new framework, BoI will be able to finance assets and raw materials using approved non-interest banking products, expanding its reach to customers previously unable to access its funding.
Olusi also noted that the approval underscores the CBN’s confidence in BoI’s governance framework and its commitment to responsible and ethical financing.
He said the licence would allow the bank to scale its operations, introduce new financing products, deepen MSME support, and reach a broader category of borrowers nationwide.
At inception, BoI’s authorised share capital stood at ₦50 billion, which was increased to ₦250 billion following its reconstruction in 2001 to strengthen its balance sheet and lending capacity.
In May 2023, the bank’s authorised share capital was further raised to ₦500 billion, reflecting Nigeria’s expanding development finance needs and growing economic profile.
In 2024, Olusi disclosed that BoI had raised over $5 billion from international capital markets within seven years through Eurobonds, loan syndications, and green finance instruments, highlighting the bank’s rising profile in global development finance markets.
