Bank of Industry Receives CBN Approval to Launch Non-Interest Banking Window
The Bank of Industry (BoI) has received approval from the Central Bank of Nigeria (CBN) to operate a non-interest banking window, providing Sharia-compliant financing solutions to individuals and businesses. This development expands ethical banking options and supports financial inclusion across Nigeria. The non-interest banking window focuses on financing small and medium enterprises (SMEs), agricultural ventures, and other productive sectors. By offering interest-free alternatives, the BoI aims to meet the growing demand for ethical financial products while supporting entrepreneurship and economic growth. This approval complements broader government initiatives to strengthen SME financing. For example, the FG Launches SME Financing Initiative provides additional funding opportunities to entrepreneurs, enhancing access to capital and resources nationwide. A BoI spokesperson stated: “We are excited to provide non-interest banking solutions that meet the financial and ethical needs of ...