The Bank of Industry (BOI) has received regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window, marking a pivotal development in the Bank's growth. This approval allows BOI to begin Non-Interest Banking operations, facilitating Nigeria's sustainable industrial development through tailored financial solutions aimed at underserved and impactful business segments. The initiative promotes inclusive growth by enabling new ethical funding, supporting the real economy, and aligning financing with social objectives. BOI can now finance assets and raw materials for customers via approved Non-Interest Banking products, thereby enhancing its operational capacity, introducing innovative financing methods, and deepening support for Micro, Small and Medium Enterprises (MSMEs) and other underserved groups vital for Nigeria’s economic progress. Dr. Olasupo Olusi, MD/CEO of BOI, emphasized the importance of this licence in reaching borrowers who previously could not access financial services, particularly those averse to conventional interest-based financing. This move not only opens doors for ethically motivated enterprises but also facilitates their engagement with the formal financial system in line with their values and operational needs.
Index to Nigerian Newspapers
