The Bank of Industry (BOI) has announced that it had received regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window.
The announcement is the subject of a statement BOI’s Divisional Head, Public Relations, Theodora Amechi released.
In it, the bank said the approval positionined it to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments.
According to Amechi, the Non-Interest Banking operations would enable BOI to drive inclusive growth, mobilize new ethical funding, expand support for the real economy, and align its financing activities with social and developmental objectives.
“Under this framework, BOI will be able to finance assets and raw materials for customers using approved Non-Interest Banking products.
“The approval underscores the CBN’s confidence in the Bank’s commitment to responsible financing.
“This will allow the Bank to scale its operations, introduce innovative financing solutions, and deepen support for Micro, Small and Medium Enterprises (MSMEs), as well as other underserved segments critical to Nigeria’s sustainable economic growth,” the bank publicist wrote.
“This licence marks a pivotal moment in the Banks’s journey of transforming Nigeria’s industrial sector. With this licence we can reach a new category of borrowers who before now could not be served,” she quoted the bank MD/CEO, Dr. Olasupo Olusi as saying.
