The Central Bank of Nigeria (CBN) has issued an operational license to Amaanah Finance Company, making it the country’s first non-interest finance firm. This approval enables Amaanah to offer Shariah-compliant, interest-free financial services tailored for individuals, micro, small, and medium enterprises (MSMEs), and underserved communities across Nigeria.
Dr. Akeem Oyewale, Chairman of Amaanah’s Board, hailed the license as a transformative step. “It’s not just a regulatory milestone; it’s a call to reshape finance for society,” he said. “We aim to empower everyday Nigerians, small businesses, and those often overlooked with ethical financial solutions built on trust and fairness.” He emphasized that Amaanah’s mission prioritizes financial inclusion and shared prosperity, ensuring finance serves people, not profits alone.
Amaanah’s products will follow Islamic finance principles like Murabaha (cost-plus financing), Ijarah (leasing), Musharakah (partnership), and Mudarabah (profit-sharing), replacing interest-based loans with partnership-driven models. The company has also launched the Amaanah Centre for Entrepreneurship Opportunities to support MSMEs with training and funding access, open to all Nigerians regardless of faith.
Headquartered in Lagos with a corporate hub in Abuja, Amaanah plans to expand nationwide. The firm enters the market as demand grows for affordable, transparent financial services, tying its success to customers’ prosperity through profit-and-loss sharing. This move marks a bold step toward inclusive finance in Nigeria.
