BoI secures CBN approval to function non-interest banking window  

The Bank of Industry (BoI) has secured regulatory approval from the Central Bank of Nigeria (CBN) to function a Non-Curiosity Banking (NIB) Window, marking a serious growth of its financing framework.

The approval was disclosed in an announcement by the BoI Managing Director, Dr Olasupo Olusi, on Sunday, February 8, 2026.

The transfer is anticipated to strengthen the bank’s position in selling sustainable industrial improvement and enhancing entry to finance for underserved and high-impact enterprise segments throughout Nigeria.

With the approval, BoI is authorised to start non-interest banking operations, offering moral, asset-backed financing choices that prohibit curiosity and promote risk-sharing.

The initiative aligns with rising demand for various financing constructions that help inclusive development and social improvement goals.

What they’re saying  

Olusi described the approval as a big milestone within the bank’s development and long-term improvement agenda. He mentioned it positions BoI to deepen its contribution to Nigeria’s industrialisation drive by tailor-made monetary options.

• “This improvement marks a big milestone within the Bank of Industry’s development and long-term improvement agenda,” Olusi mentioned.  
• “It positions the bank to additional advance Nigeria’s sustainable and inclusive industrial improvement by tailor-made monetary options for underserved and high-impact enterprise segments.”  
• “Beneath this framework, BoI will be capable to finance property and uncooked supplies for patrons utilizing accredited non-interest banking merchandise,” he added.  

Olusi famous that the approval underscores the CBN’s confidence in BoI’s governance and dedication to accountable financing.

He mentioned the licence would permit the bank to scale its operations, introduce modern financing options, deepen help for Micro, Small and Medium Enterprises (MSMEs), and attain a brand new class of debtors who had been beforehand unable to entry BoI’s funding.

Backstory  

The Bank of Industry Restricted was reconstructed in 2001 from the previous Nigerian Industrial Growth Bank (NIDB) Restricted, which was initially included in 1959.

It was established to rework the nation’s industrial sector by offering long-term, low-interest financing and advisory help to varied enterprises.

• The restructuring was aimed toward making a stronger improvement finance establishment able to supporting Nigeria’s industrial and financial transformation.
• At inception, the bank’s authorised share capital was set at N50 billion. Following its reconstruction into BoI Restricted in 2001, the share capital was elevated to N250 billion to strengthen its steadiness sheet and lending capability.
• In Could 2023, the authorised share capital was additional elevated to N500 billion to align the bank with Nigeria’s rising financial profile and increasing improvement wants.

In 2024, Olusi disclosed that BoI had raised over $5 billion from worldwide capital markets inside seven years.

In accordance with him, the funds had been mobilised by Eurobonds, mortgage syndications, and inexperienced finance devices, underscoring the bank’s rising presence in world improvement finance markets.

Extra insights  

The introduction of a non-interest banking window is anticipated to broaden BoI’s financing toolkit and entice new swimming pools of moral and faith-based capital.

• The framework will permit the bank to finance property and uncooked supplies utilizing accredited non-interest banking merchandise, providing an alternative choice to typical interest-based lending.
• The non-interest banking window will help inclusive development by mobilising moral funding sources.
• It’s anticipated to increase BoI’s help for the true financial system, significantly MSMEs and different underserved sectors.
• The approval displays the CBN’s confidence in BoI’s governance construction and dedication to accountable and development-focused financing.

By diversifying its financing choices, BoI goals to higher align its actions with social, developmental, and sustainability goals.

What it is best to know  

In December 2025, the Bank of Industry disclosed that it disbursed greater than N1.27 trillion, immediately and not directly, to enterprises throughout 14 financial sectors in 2024.

The bank mentioned the interventions contributed to the sustenance and creation of over 900,000 jobs nationwide through the 12 months.