The Bank of Industry\u00a0(BoI) said it has received regulatory approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window, marking a significant milestone in the bank\u2019s growth and long-term development agenda.<\/p>\n
A statement from the bank said the approval authorises BoI to commence Non-Interest Banking operations, positioning the bank to further advance Nigeria\u2019s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments.<\/p>\n
The NIB operations will enable BoI to drive inclusive growth, mobilise 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 NIB products.<\/p>\n
\u201cThe approval underscores the CBN\u2019s confidence in the bank\u2019s 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\u2019s sustainable economic growth,\u201d the statement added.<\/p>\n
Commenting, Managing Director of BoI, Dr. Olasupo Olusi said: \u201cThis licence marks a pivotal moment in the Banks\u2019s journey of transforming Nigeria\u2019s industrial sector. With this licence we can reach a new category of borrowers who before now could not be served.\u201d<\/p>\n
BOI\u2019s decision to commence Non-Interest Banking operations is aimed at expanding access to ethical funding for businesses\u2014particularly those that have traditionally avoided conventional interest-based financing.<\/p>\n
This initiative opens new opportunities for ethically motivated and faith-sensitive enterprises, as well as segments of the economy that face challenges accessing traditional credit. It enables such businesses to access much-needed financing and participate confidently in the formal financial system in a manner consistent with their values and business realities.
\nThe post BoI secures CBN approval to operate non-interest banking\u00a0 appeared first on Vanguard News.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Bank of Industry\u00a0(BoI) said it has received regulatory approval from the Central Bank of Nigeria (CBN) to operate a … <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[22],"tags":[19],"class_list":["post-5955","post","type-post","status-publish","format-standard","hentry","category-african-news","tag-general-africa-top-news"],"yoast_head":"\n