Open Space launches ethical finance products in Nigeria

Open Space Financial Services has launched a suite of ethical finance products designed to reach Nigerians excluded from mainstream banking. The initiative utilizes Shariah-compliant structures to promote financial inclusion, transparency, and shared prosperity.

The new offerings include four primary models: Murabaha, which allows asset acquisition through disclosed cost-plus-profit transactions; Ijarah, an asset-leasing model; Diminishing Musharakah, a partnership-based pathway to asset ownership; and Mudaraba, a profit-sharing investment structure. These products aim to support various sectors, including SMEs, healthcare providers, agricultural enterprises, and educational institutions.

CEO Titus Adakole Ikeh stated the initiative seeks to make financial services more accessible and intelligent for underserved populations. Shariah Adviser Zubair Mughal noted that Nigeria has the potential to become a West African hub for Islamic finance, citing the sector's global asset value of approximately $5.98 trillion in 2024. The launch comes as recent data from EFInA indicates that approximately 26 percent of Nigerians remain financially excluded.