Open space launches non-interest finance platform to boost inclusion
Open Space has launched a technology-driven Ethical Finance platform aimed at expanding access to non-interest financial services and promoting financial inclusion across Nigeria.
The company said the platform offers transparent, asset-backed financing solutions designed to support individuals, small businesses and entrepreneurs seeking alternatives to conventional interest-based loans.
Speaking at the unveiling in Abuja on Tuesday, the Chief Executive Officer of Open Space, Titus Adakole Ikeh, said the initiative combines ethical finance principles with artificial intelligence to make financing more accessible and better connected to real economic activities.
According to him, the platform is open to all Nigerians regardless of religious affiliation, stressing that ethical finance is built on fairness, transparency, shared risk and responsible investment.
Ikeh said Open Space’s products include Murabaha for asset financing, Ijarah for leasing, Diminishing Musharakah for shared ownership financing and Mudaraba for profit-sharing savings and investments.
He said the financing models are designed to help SMEs, farmers, transport operators and other entrepreneurs acquire productive assets and grow their businesses.
In a presentation at the event, Open Space’s Shariah Adviser, Zubair Mughal, described Islamic and Ethical Finance as one of the fastest-growing segments of the global financial industry, with increasing relevance for infrastructure, agriculture, housing and SME financing.
Mughal said Nigeria has significant potential to become a leading Ethical Finance hub in West Africa, supported by regulatory reforms and growing demand for non-interest financial products.
He also disclosed that Open Space plans to secure the necessary regulatory licences for non-interest financing and is considering Sukuk as part of its long-term strategy to expand ethical investment opportunities in Nigeria.
Open Space is a Nigerian fintech company focused on delivering technology-enabled financial solutions that promote transparency, responsible financing and sustainable economic development.
