The Bank of Industry (BoI) has received approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking Window.
This is a development aimed at widening access to ethical funding and supporting financial inclusion. Under this framework, borrowers will repay only the amount initially borrowed when their loan tenure ends.
The approval was confirmed in a statement from the National Orientation Agency (NOA), which highlighted that the initiative will enhance BoI’s support for Micro, Small, and Medium Enterprises (MSMEs) while extending financing to a new category of borrowers previously excluded from the bank’s funding schemes.
“This licence by CBN will also promote inclusive growth, attract ethical financing, and strengthen support for the real economy. Borrowings will be asset-backed, so borrowers also share in the risk,” the statement read.
The move positions BoI to strengthen industrial development and provide accessible, asset-backed financial solutions to a broader range of entrepreneurs across the country.
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