The Bank of Industry (BOI) has secured regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window, a move aimed at expanding access to ethical and inclusive financing for underserved business segments.

The approval allows BOI to formally roll out non-interest banking products designed to support Nigeria’s industrial development, particularly for businesses that avoid conventional interest-based financing.

In a statement, BOI’s Divisional Head of Public Relations, Theodora Amechi, said the regulatory nod positions the bank to deepen its impact across the real economy by offering tailored financial solutions aligned with social and developmental objectives.

According to the bank, the Non-Interest Banking operations will promote inclusive growth, mobilise ethical funding, and support the financing of customer assets and raw materials using approved non-interest products.

“This approval authorises BOI to commence Non-Interest Banking operations, positioning the bank to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments,” the bank stated.

It added that the initiative would expand BOI’s reach to businesses that have traditionally been excluded from conventional credit channels, particularly faith-sensitive and ethically motivated enterprises.

Expanding Access to Ethical Financing

With the launch of the NIB Window, BOI said it would be able to finance customers’ assets and raw materials under non-interest structures, providing alternatives to interest-based loans while supporting productive economic activities.

The Managing Director and Chief Executive Officer of BOI, Dr Olasupo Olusi, described the approval as a major milestone in the bank’s transformation agenda.

“This licence marks a pivotal moment in the Bank’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,” Olusi said.

He noted that the CBN’s approval reflects confidence in BOI’s commitment to responsible financing and would enable the institution to scale its operations, introduce innovative financing solutions, and deepen support for Micro, Small and Medium Enterprises (MSMEs).

Olusi added that the non-interest banking framework would open new opportunities for businesses facing challenges accessing traditional credit, allowing them to participate more confidently in the formal financial system.

Driving Inclusive Industrial Growth

BOI said the decision to commence non-interest banking operations is part of a broader strategy to drive inclusive economic growth and strengthen support for Nigeria’s real sector.

By mobilising ethical funding and aligning financing activities with developmental goals, the bank aims to enhance industrial productivity while catering to diverse financing preferences within the economy.

As Nigeria’s foremost Development Finance Institution, BOI plays a central role in funding the establishment and expansion of large, medium, small-scale, and micro enterprises across key sectors of the economy.

The institution was established in 1959 as the Investment Company of Nigeria (ICON), later reconstituted as the Nigerian Industrial Development Bank (NIDB) in 1964 under World Bank guidance. It assumed its current form in 2001 following the merger of the Nigerian Bank for Commerce and Industry (NBCI) and the National Economic Reconstruction Fund (NERFUND).

BOI’s primary mandate remains the provision of financial assistance to support industrial growth and inclusive economic development across Nigeria.

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Nigeria’s newest non-interest financial institution, Summit Bank Limited, has officially commenced operations, pledging to deliver ethical, transparent, and inclusive banking services to Nigerians both at home and abroad.

At a press briefing in Abuja, the Managing Director and Chief Executive Officer, Dr. Sirajo Salisu, confirmed the development, stating that the bank is “live, well-regulated, fully operational, and ready to serve Nigerians with clarity, integrity, and purpose.”

According to the Central Bank of Nigeria (CBN), Summit Bank was licensed as a regional non-interest bank headquartered in Abuja.

Addressing speculations linking the bank to a tier-one financial institution, Dr. Salisu clarified that Summit Bank operates independently and has gone beyond the stage of speculation. He added that the curiosity and public interest in the bank show that Nigerians care about ethical finance.

Also speaking, the Executive Director and Chief Operating Officer, Dr. Mukhtar Adam, noted that Summit Bank’s leadership team comprises experienced executives from top Nigerian banks and digital innovators.

“While some of our directors have built accomplished careers in frontline institutions such as Zenith Bank, Summit Bank remains a fully independent entity governed by a professional board and compliant with CBN regulations,” Adam stated.

He explained that the bank’s mission is “to be a trusted partner providing ethical banking solutions that empower individuals and communities while making a positive impact in society.”

Summit Bank’s product portfolio includes Savings Account, Current Account, Mudarabah Term Deposit, and Domiciliary Account for personal banking. It also offers Corporate Current Account, Cost-Plus Products, Sukuk Investments, and Structured Investment Vehicles for SMEs and corporate clients.

Incorporated in July 2024 and licensed by the CBN in February 2025, Summit Bank said it will combine institutional banking experience with modern digital systems to make non-interest banking accessible to everyone.

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