The Bank of Industry(BOI) has received regulatory approval from the Central Bank of Nigeria to operate a Non-Interest Banking window, marking a major milestone and expansion of its financing framework.
Dr. Olasupo Olusi, the Managing Director of the BoI, revealed the clearance in a statement on Sunday.
In addition to improving access to financing for under-represented and high-impact company segments throughout Nigeria, the development is anticipated to reinforce the bank’s role in fostering sustainable industrial growth.
With the approval, BoI is now authorized to begin non-interest banking operations and provide morally sound asset-backed financing options that encourage risk-sharing and forbid interest.
The program is in line with the increasing need for alternate financing options that promote equitable growth and more general goals of social development.
According to Olusi, the approval marks a critical turning point in the bank’s expansion and long-term development plans. He claimed that by providing customised financial solutions, it puts BoI in a position to further support Nigeria’s industrialisation efforts.
“This development marks a significant milestone in the Bank of Industry’s growth and long-term development agenda.
“It positions the bank to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments.
“Under this framework, BoI will be able to finance assets and raw materials for customers using approved non-interest banking products,” he added.
Olusi revealed that the newest approval demonstrates the CBN’s confidence in BoI’s governance structure and commitment to responsible financing.
He claimed that the licence will allow the bank to expand its operations, offer creative financing options, strengthen its assistance for MSMEs, and reach a new group of borrowers who were previously denied access to BoI credit.
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