Photo caption: BoI logo
By Charles Okonji
In a welcomed development, the Nigeria Association of Small and Medium Enterprises (NASME) and the ECOWAS Small Business Coalition (ESBC) warmly congratulate the Bank of Industry (BOI) and its CEO, Dr. Olasupo Olusi, on the Central Bank of Nigeria’s approval for BOI to operate a Non-Interest Banking (NIB) window.
The President of NASME, Dr. Abdulrashid Yerima, who also doubles as the Regional President, ESBC, described the approval as a right step in right direction.
Dr.Yerima noted that this will not only catalyse the rapid growth of Small businesses, but will enhance the overall Gross Domestic Products (GDP).
According to him; “This milestone represents a significant step toward inclusive, ethical, and faith-aligned financing for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria and across the ECOWAS region.
“By expanding access to non-interest financial products, BOI is empowering entrepreneurs who have traditionally avoided conventional loans for religious or ethical reasons, unlocking opportunities for high-impact, value-driven businesses.
“We commend BOI’s leadership and the CBN’s foresight in promoting responsible financing that supports sustainable industrial development.”
Yerima assured that NASME and ESBC stands ready to collaborate with BOI to raise awareness, build capacity, and ensure that MSMEs benefit fully from this transformative initiative.
“This development is a pivotal moment for ethical enterprise financing, industrial growth, and regional economic empowerment,” he averred.
Recall that BOI, was recently approved by CBN to expand ethical and inclusive financing in Nigeria through none-interest banking, which is a move expected to strengthen the Bank’s role in driving sustainable industrial development and widening access to finance for underserved and high-impact business segments across the country.
