CBN Grants Bank of Industry Approval to Operate Non-Interest Banking

By Adedapo Adesanya

The Bank of Industry (BoI) has secured regulatory approval from the Central Bank of Nigeria (CBN) to offer Non-Interest Banking (NIB) services, marking a major expansion of its financing framework.

The approval was disclosed in a statement by the BoI Managing Director, Mr Olasupo Olusi, on Sunday, February 8, 2026.

The move is expected to strengthen the bank’s role in promoting sustainable industrial development and improving access to finance for underserved and high-impact business segments across Nigeria.

With the approval, BoI is authorised to commence non-interest banking operations, providing ethical, asset-backed financing options that prohibit interest and promote risk-sharing.

The initiative aligns with growing demand for alternative financing structures that support inclusive growth and social development objectives.

Mr Olusi described the approval as a significant milestone in the bank’s growth and long-term development agenda, adding that it positions BoI to deepen its contribution to Nigeria’s industrialisation drive through tailored financial solutions.

“This development marks a significant milestone in the Bank of Industry’s growth and long-term development agenda,” Olusi 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.”

“Under this framework, BoI will be able to finance assets and raw materials for customers using approved non-interest banking products,” he added.

Mr Olusi noted that the approval underscores the CBN’s confidence in BoI’s governance and commitment to responsible financing.

He said the licence would allow the bank to scale its operations, introduce innovative financing solutions, deepen support for Micro, Small and Medium Enterprises (MSMEs), and reach a new category of borrowers who were previously unable to access BoI’s funding.

Reconstructed in 2001 from the former Nigerian Industrial Development Bank (NIDB) Limited, BoI was originally incorporated in 1959 to transform the country’s industrial sector by providing long-term, low-interest financing and advisory support to various enterprises.

The introduction of a non-interest banking window is expected to broaden BoI’s financing toolkit and attract new pools of ethical and faith-based capital.