Amaanah Non-Interest Finance Company, Nigeria’s first Central Bank of Nigeria (CBN)-licensed non-interest finance company, has commenced operations with financing and investment solutions targeting funding gaps among small businesses and expanding access to ethical financial services.

The company was officially launched in Lagos on October 1, 2026, with products designed to help businesses acquire productive assets, expand operations and improve capacity.

Its services also provide individuals with alternative financing options for vehicles, household appliances and investment opportunities.

The launch, themed “Financial Independence: Empowering Lives Through Ethical Finance”, brought together stakeholders from the financial services, business, investment and non-interest finance sectors.

The development comes as Nigerian businesses, particularly small and medium-sized enterprises (SMEs), continue to require financing to expand operations, acquire equipment and create jobs.

Delivering the keynote address, Taofeeq Azeez, chief Imam of the University of Abuja, said Nigeria needed a broader financial ecosystem capable of mobilising capital from multiple sources to meet infrastructure, business expansion and employment needs.

“Nigerians require significant capital to finance infrastructure, expand businesses, and create jobs. Governments and traditional sources of bank financing as we know cannot meet up these requirements alone. We need financial ecosystems that are broader, cheaper and more inclusive, one capable of mobilising capital from multiple sources, and efficiently,” he said.

Amaanah’s product portfolio includes Business Asset Financing, which enables eligible businesses to finance productive assets needed to support operations, improve capacity and facilitate growth.

For households, HomeFlex provides financing for essential home appliances, while FlexiWheels offers financing for eligible vehicles needed for work, business and other productive economic activities.

The company is also offering investment solutions, wealth advisory and funds management services to help individuals and businesses invest, manage and grow their wealth according to their financial objectives and ethical principles.

Adewumi Oni, acting managing director and chief executive officer of Amaanah, said the company was established to offer financial solutions beyond access to money while maintaining compliance with Shariah principles.

“Amaanah is where Finance meets with purpose, opportunity meets with principles and prosperity is built with principles,” he said.

Oni said Amaanah was created to deliver purposeful and impact-driven financial solutions without breaching Shariah principles.

Technology is also central to the company’s strategy for expanding access. Its Amaanah Investment App is designed to simplify access to investment opportunities, while the Amaanah Marketplace connects customers with financing for appliances, vehicles and other eligible assets.

The launch featured a panel discussion titled “Mobilising Local Capital for SME Growth: Challenges & Non-Interest Finance Opportunities,” which focused on financing constraints facing small businesses and the potential of non-interest finance as an alternative funding channel.

Panelists included Basheer Oshodi, president of the Non-Interest Finance Association of Nigeria and managing director of Arthur Group; Abdur-Rasheed Babalola, managing director of Hilal Takaful; and Sherifat Animashaun, a non-interest finance expert.

The session was moderated by Aisha Olowo, chief operating officer of Amaanah Centre for Entrepreneurship Opportunities.

Discussions examined how alternative financing structures could mobilise capital for businesses seeking to expand. A question-and-answer session also gave participants an opportunity to explore the opportunities and challenges linked to non-interest finance, SME growth and financial inclusion.

Akeem Oyewale, board chairman of Amaanah, said the company sought to build a financial institution that connects access to finance with customers’ values and aspirations.

“Our ambition at Amaanah is to contribute to a financial ecosystem where people can access solutions that align with their values, where businesses can obtain responsible financing to grow, and where individuals can pursue their aspirations with greater confidence and dignity,” he said.

The event also included demonstrations of Amaanah’s digital platforms and an account-opening drive introducing guests to its technology-enabled financial services.

Amaanah said its market entry was aimed at contributing to a more inclusive financial ecosystem by helping individuals and businesses acquire assets, access responsible financing and pursue sustainable financial growth.

Source: BusinessDay