Nigerian Company Secures CBN Licence To Offer Interest-Free Financing to Nigerians
- Amaanah Non-Interest Finance Company secured a Central Bank of Nigeria licence and formally launched operations in Lagos
- The company offers Shariah-compliant products covering business asset financing and home appliances
- Key figures from NGX Group and the Nigerian Economic Summit Group chaired the launch event
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A Nigerian non-interest finance firm, Amaanah Non-Interest Finance Company, has begun operations following approval from the Central Bank of Nigeria (CBN), positioning itself to offer Shariah-compliant financial products to individuals and businesses across the country.
The company held its formal launch on Thursday, October 1, 2026, at The Providence Hotel in Lagos, drawing stakeholders from the financial services, investment, and non-interest finance sectors.
Source: Getty Images
The event was themed "Financial Independence: Empowering Lives Through Ethical Finance."
Amaanah targets businesses and households
Chairman Dr Akeem Oyewale said the company was established to deliver financial solutions that align with customers' values while helping them meet their goals.
He said:
"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."
Acting Managing Director and Chief Executive Officer Dr Adewumi Oni described the company's purpose as going beyond simply providing access to money.
Oni said:
"Amaanah is where finance meets with purpose, opportunity meets with principles and prosperity is built with principles.".
Punch reports that the firm's product range includes Business Asset Financing for companies looking to acquire productive assets, HomeFlex for essential home appliances, and FlexiWheels for vehicle financing tied to work or business use.
Amaanah also offers investment solutions, wealth advisory and funds management services.
The company said it plans to extend its reach through an Amaanah Investment App and an online marketplace connecting customers with financing options for appliances, vehicles and other eligible assets, the Sun reports.
Experts make case for alternative finance
In his keynote address, Prof Taofeeq Azeez, Chief Imam of the University of Abuja, said Nigeria requires broader sources of capital to finance infrastructure and business growth.
He said:
"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."
Source: Facebook
Azeez called for financial ecosystems that are "broader, cheaper and more inclusive."
The launch was chaired by Dr Umaru Kwairanga, Chairman of NGX Group, while Niyi Yusuf, Chairman of the Nigerian Economic Summit Group, served as co-chair.
A panel discussion on mobilising local capital for small and medium-sized enterprises (SMEs) also featured the President of the Non-Interest Finance Association of Nigeria (NIFAN), Dr Basheer Oshodi; Managing Director of Hilal Takaful, Mr Abdur-Rasheed Babalola; and non-interest finance expert Mrs Sherifat Animashaun
CBN approves another new bank operation in Nigeria
Earlier, Legit.ng reported that Bank78 MFB has officially commenced operations as a private digital lender in Nigeria.
The bank stated that although it is inspired by private-banking culture and mindset, it is deliberately designed for the mass-affluent everyday Nigerian, offering a secure and premium digital banking experience.
In a statement announcing the commencement of operations, the bank said it aims to bridge the gap between fast-growing fintech firms and traditional legacy banks.
Source: Legit.ng
