Bank of Industry Non-Interest Banking Approval

The Bank of Industry (Bank of Industry) has secured regulatory approval from the Nigeria — Central Bank of Nigeria (Nigeria — Central Bank of Nigeria) to operate a Non-Interest Banking (NIB) Window. This milestone, announced by Bank of Industry's Managing Director, Olasupo Olusi, allows Bank of Industry to commence non-interest banking activities, expanding its financial solutions to underserved and high-impact business segments, including Micro, Small and Medium Enterprises (MSMEs). The initiative aims to drive inclusive growth, mobilize new ethical funding, and align Bank of Industry's financing activities with social and developmental objectives within Nigeria. Theodora Amechi, Divisional Head of Public Relations for Bank of Industry, noted that this move opens opportunities for ethically motivated and faith-sensitive enterprises that have traditionally avoided conventional interest-based financing. The approval underscores Nigeria — Central Bank of Nigeria's confidence in Bank of Industry's commitment to responsible financing and supports Nigeria's broader push to deepen financial inclusion and diversify funding sources for the real sector.