Firm to bridge 26% financial inclusion gap
Open Space, a financial technology company, has unveiled new Ethical Finance products aimed at promoting inclusion, transparency and shared prosperity. According to the Enhancing Financial Innovation and Access (EFInA) recent survey report, financial inclusion rose to 74% in 2023 against 56% in 2020, leaving about 26 per cent of Nigerians financially excluded The Open Space […]
Open Space, a financial technology firm, has launched new Ethical Finance products to address the financial inclusion gap in Nigeria. According to the Enhancing Financial Innovation and Access (EFInA) report, financial inclusion increased from 56% in 2020 to 74% in 2023, leaving around 26% of Nigerians excluded from financial services.
Open Space's CEO, Titus Ike, revealed this at a news conference in Abuja. The company's initiative aims to make financial services more accessible, intelligent, and relevant, especially to underserved Nigerians. Ike emphasized that ethical finance prioritizes fairness, transparency, accountability, and trust in financial relationships.
The products will be based on "Murabaha," "Ijarah," "Diminishing Musharakah," and "Mudaraba" structures. "Murabaha" allows customers to acquire assets through cost-plus-profit transactions, while "Ijarah" enables lease arrangements for approved assets. "Diminishing Musharakah" offers a pathway to asset ownership through a partnership between Open Space and customers, and "Mudaraba" allows customers to provide capital while Open Space manages Shariah-compliant investments.
Open Space's technology and AI will make ethical finance more accessible and integrated into customers' financial lives. The company's ultimate goal is to enable people to participate more fully in economic activities.
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