Bank of Industry (BOI) has received Central Bank of Nigeria (CBN) approval to launch a Non-Interest Banking (NIB) Window, expanding ethical financing for underserved businesses nationwide.
The move positions BOI to mobilise Sharia-compliant funds, finance assets and raw materials without interest, and target MSMEs plus high-impact sectors previously sidelined by conventional loans.
Divisional Head of Public Relations, Theodora Amechi, said the window aligns BOI with social goals, boosting real economy support and sustainable industrial growth.
MD/CEO Dr. Olasupo Olusi hailed it as a "pivotal moment," enabling the bank to serve faith-sensitive enterprises shunning riba-based loans.
Analysts see it as CBN's vote of confidence in BOI's governance, set to spur innovation and inclusive financing for Nigeria's ethical business segments.
Established in 1959 as Nigeria's top Development Finance Institution, BOI now strengthens its drive for broad-based economic transformation.
