Amanze Chinonye
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 major expansion of its financing framework aimed at promoting inclusive and sustainable industrial development.
The approval authorises the development finance institution to offer ethical, asset-backed and interest-free financial products in line with non-interest banking principles, broadening access to credit for businesses and individuals who avoid conventional interest-based lending for ethical or religious reasons,Prime Business Africa reports.
BoI’s Managing Director and Chief Executive Officer, Dr Olasupo Olusi, described the approval as a significant milestone that would enable the bank to reach previously underserved segments of the economy, particularly micro, small and medium-sized enterprises (MSMEs).
Join our WhatsApp ChannelAccording to Olusi, the non-interest banking window will help mobilise alternative sources of funding, introduce innovative financing structures, and deepen the bank’s developmental impact across key industrial sectors.
The initiative is also expected to strengthen financial inclusion by providing financing options that comply with non-interest principles, including profit-sharing and asset-based structures, rather than conventional interest-driven loans.
Industry analysts say the move aligns with broader efforts by the CBN to diversify Nigeria’s financial system and expand access to credit, especially at a time when high interest rates have constrained borrowing by businesses.
With the approval, BoI joins a growing number of financial institutions offering non-interest banking products, a segment that has gained traction in Nigeria over the past decade as part of reforms to widen financing options for economic growth.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
