CBN Approves BoI Non-Interest Banking Window
The Central Bank of Nigeria (CBN) has approved the Bank of Industry (BoI) to operate a Non-Interest Banking (NIB) Window, enabling ethical, asset-backed financing without interest. BoI MD Olasupo Olusi stated this milestone strengthens sustainable industrial development and improves access to finance for underserved businesses. The NIB will provide tailored financial solutions for Micro, Small and Medium Enterprises (MSMEs) and other underserved segments, allowing BoI to finance assets and raw materials using approved non-interest products. This development positions BoI to scale operations, introduce innovative financing, and deepen support for Nigeria's inclusive economic growth.