Open Space Launches Ethical Finance to Boost Inclusion

Open Space, a financial technology company, has introduced new Ethical Finance products to address the 26% financial inclusion gap in Nigeria. CEO Titus Ike announced this initiative at a news conference in Abuja on Tuesday, themed “Advancing Financial Inclusion Through Ethical and Innovation.” The Enhancing Financial Innovation and Access (EFInA) survey reported that financial inclusion in Nigeria rose to 74% in 2023 from 56% in 2020.

The initiative aims to make financial services more accessible to underserved Nigerians, emphasizing fairness, transparency, accountability, and trust. Open Space will offer products based on Islamic finance structures such as Murabaha, Ijarah, Diminishing Musharakah, and Mudaraba.

These products will support various sectors, including SMEs, healthcare, and agriculture. The company plans to leverage technology and Artificial Intelligence (AI) to enhance accessibility and integration of ethical finance into customers' financial lives.

Co-founder and CTO Ololade Otayemi noted that technology is not merely a delivery method but a comprehensive system for financial services.