Open Space Launches Ethical Finance Platform in Nigeria

Nigerian fintech company Open Space launched its Ethical Finance platform in Abuja on Tuesday, aimed at providing asset-backed and Shariah-compliant financial products as interest in non-interest finance grows in Nigeria. Chief Executive Officer Titus Adakole Ikeh stated that the platform seeks to enhance access to financing while promoting transparency, fairness, responsible investment, and financial inclusion for individuals and businesses.

The Ethical Finance offerings are not exclusively for Muslims, appealing to a broader audience interested in transparent financial arrangements. The platform features Islamic finance structures such as Murabaha, Ijarah, Diminishing Musharakah, and Mudaraba, catering to farmers, transport operators, professionals, and small businesses.

Open Space's Shariah Adviser, Zubair Mughal, noted the potential for Nigeria to become a major hub for Islamic and Ethical Finance in West Africa, emphasizing the importance of digital platforms in expanding access to these financial products. The company is also pursuing regulatory licenses for its non-interest financing activities and is considering a Sukuk issuance as part of its long-term strategy.