Open Space enters ethical finance market

Barbara Bako, Abuja.

Open Space has entered Nigeria’s growing non-interest finance market with the launch of an Ethical Finance platform offering asset-backed and Shariah-compliant financial products to individuals and businesses.

The fintech company said the platform is designed to broaden access to financing while promoting transparency, fairness and responsible investment.

Speaking at the launch in Abuja on Tuesday, Open Space Chief Executive Officer, Titus Adakole Ikeh, said the company was developing a model that connects financing to productive economic activities rather than focusing solely on conventional cash lending.

Ikeh said the platform was intended for a broad market and not exclusively for Muslims, noting that its principles could appeal to anyone seeking transparent financial arrangements and alternative approaches to wealth creation.

He said Open Space was also deploying artificial intelligence alongside its financial services to improve access to financing, particularly for underserved individuals and businesses.

Among the products offered on the platform are Murabaha, an asset financing structure; Ijarah, which provides leasing solutions; Diminishing Musharakah, based on shared ownership; and Mudaraba, which provides savings and investment through profit-sharing.

Ikeh said the products could support farmers, transport operators, professionals, small businesses and other entrepreneurs seeking funds to acquire productive assets and expand their activities.

Also speaking at the event, Open Space Shariah Adviser, Zubair Mughal, said the growing global acceptance of Islamic and Ethical Finance presented Nigeria with an opportunity to deepen financial inclusion and develop new investment channels.

Mughal, who presented a paper titled “Islamic/Ethical Finance: A Promising Pathway for Nigeria’s Inclusive Financial Future,” said the global Islamic finance industry had grown beyond its traditional faith-based market because of its emphasis on transparency, asset-backing, ethical investment and risk-sharing.

He cited the ICD–LSEG Islamic Finance Development Report 2025 as putting global Islamic finance assets at approximately $5.98 trillion in 2024.

According to him, Nigeria has the population, entrepreneurial capacity and developing capital market required to become a major Islamic/Ethical Finance centre in West Africa.

Mughal said technology would be critical to the next stage of the sector’s development by lowering transaction costs and taking non-interest financial products beyond traditional banking outlets to SMEs, households, traders and young entrepreneurs.

He disclosed that Open Space was working towards obtaining the necessary regulatory licences for non-interest financing, with a possible Sukuk issuance forming part of its longer-term plans.

Such an issuance, he said, could provide additional investment opportunities for both institutional and individual investors while supporting the growth of Nigeria’s non-interest capital market.

Mughal said the combination of appropriate regulation, effective Shariah governance, technology and investor education would be crucial to unlocking the potential of Ethical Finance in Nigeria.

He added that with the right framework, the sector could contribute significantly to financial inclusion, SME development, ethical investment and broader economic growth.

Open Space is a Nigerian fintech company focused on technology-driven financial solutions, with its Ethical Finance offering built around non-interest financing, asset-backed transactions and responsible financial practices.