The Bank of Industry (BOI) has received approval from the Central Bank of Nigeria (CBN) to operate as a non-interest financial institution. This landmark development marks a new era in Nigeria’s fast-evolving banking landscape.
The regulatory nod was announced by BOI’s Managing Director, Dr. Olasupo Olusi. He noted that the new licence positions BOI to serve a broader range of businesses and individuals seeking Sharia-compliant financial solutions.
According to Olusi, the move aligns with the bank’s mandate to deepen financial inclusion and empower entrepreneurs who prefer non-interest financing options. It also enables BOI to cater to sectors previously underserved by conventional banking models.
BOI’s entry into non-interest banking is expected to provide a competitive alternative to traditional lending. The bank will offer products that comply with Islamic finance principles—prohibiting interest and focusing on risk-sharing and ethical investment.
Industry stakeholders have commended the development, noting that it will unlock new funding opportunities for MSMEs and support the Federal Government’s drive for inclusive economic growth.
As Nigeria’s oldest and largest development finance institution, BOI’s expansion signals growing investor confidence and underscores the CBN’s commitment to diversifying the country’s financial ecosystem.
