The Bank of Industry (BoI) in Nigeria has been granted regulatory approval from the Central Bank of Nigeria (CBN) to initiate a Non-Interest Banking window, which represents a significant advancement in the bank's financing capabilities. Announced by BoI Managing Director Dr. Olasupo Olusi, this approval aims to enhance the bank's ability to promote sustainable industrial development while improving financial access for underserved and high-impact business segments across the country.

With the launch of this Non-Interest Banking initiative, the BoI is poised to offer ethical, asset-backed financing alternatives that do not involve interest and encourage risk-sharing among its clients. This is particularly relevant in a climate where there is increasing demand for alternative financing methods that align with broader social development goals and promote inclusive economic growth. The decision to expand into non-interest banking reflects a proactive approach by the BoI to meet the diverse needs of various sectors in Nigeria's economy.

Dr. Olusi has referred to this regulatory approval as a monumental milestone for the bank, emphasizing its potential to enhance the bank’s long-term growth strategy and bolster its contributions to Nigeria’s industrial development agenda. This move not only marks a pivotal evolution for the BoI but also positions it as a leader in innovative financing solutions that cater to ethical and socially responsible investment practices in Nigeria's financial landscape.