Firm integrates AI, non-interest models to widen Nigeria’s access to capital

The initiative which was launched in Abuja, is designed to move non-interest finance beyond a niche product offering into a driver of broad-based economic participation.

Speaking during the launch, Titus Adakole Ikeh, Chief Executive Officer of Open Space, stated that the company seeks to shift financial services from simple transactional processing toward active asset accumulation and business expansion.

“Financial inclusion should mean more than opening bank accounts or providing access to digital platforms,” Ikeh said. “Meaningful inclusion should enable small businesses to acquire productive equipment, individuals to work towards asset ownership, and customers to save and invest in line with their values.”

The proposition which include: Murabaha, Ijarah, Diminishing Musharakah and Mudaraba, relies on trade, lease, and equity-based financing mechanisms to replace conventional interest-bearing credit.

Ikeh noted that while the framework follows Shariah principles, the value proposition is centered on risk-sharing, cost transparency, and clear contractual obligations, targeting the broader market.

“Through Murabaha, for instance, Open Space can acquire an asset requested by a customer and subsequently sell it at a disclosed cost plus an agreed profit, creating a trade-based transaction rather than an interest-bearing loan. The importance of this structure goes beyond terminology. The customer understands the underlying cost and the agreed transaction price, creating a level of transparency and certainty that is fundamental to the relationship.

“In Ijarah, Open Space acquires an approved asset and leases it to the customer for an agreed rental over a specified period, enabling individuals and businesses to access productive assets without engaging in interest-based financing. The structure is asset-backed and designed to support business growth, financial inclusion and sustainable economic development.

“We are also introducing Diminishing Musharakah, a partnership-based structure that reflects another important principle of our approach to finance: shared ownership. Under this model, Open Space and the customer jointly acquire an asset, with ownership initially determined by their respective capital contributions. Over time, the customer progressively purchases Open Space’s ownership units until the customer becomes the sole owner.

“Our Mudaraba proposition extends this philosophy into savings and investment. Under the Mudaraba structure, customers provide capital while Open Space acts as the investment manager, deploying funds into Shariah-compliant investment opportunities and sharing realised profits according to a pre-agreed ratio,” he explained.

Also speaking at the event, Ololade Otayemi, Chief Technology Officer, Open Space said the company was combining ethical financial structures with an integrated digital infrastructure capable of delivering sophisticated financial financial services without transferring the underlying complexity to customers.

According to him, the platform was built around a Single Customer Financial Core, incorporating a unified Customer Information File, Core Wallet Engine and Investment Pool Engine.

He explained that the architecture would enable customers to operate transaction wallets, investment wallets and goal-based wallets within one connected ecosystem rather than maintaining fragmented financial identities across different products.

According to him, customers would be able to set financial goals, select investment options, manage liquidity and monitor their wealth through a single interface, while the underlying technology handles wallet operations, investment pools, profit calculations and liquidity requirements.

Otayemi added that automation would be deployed across critical customer processes, including digital onboarding, Know-Your-Customer (KYC) verification, credit and affordability assessment, payment collection, reminders, digital documentation, electronic signatures and customer self-service.

“The customer should experience simplicity, speed, transparency and control. Behind that experience should be robust financial architecture, intelligent automation, machine learning, data analytics, security controls, monitoring systems and scalable infrastructure,” he said.