Amaanah Finance becomes Nigeria’s first non-interest finance firm – CBN
* Also the creation of the Amaanah Centre for Entrepreneurship Opportunities.
The Central Bank of Nigeria (CBN) has granted an operational license to Amaanah Finance Company, authorising it to operate as the country’s first non-interest finance company.
The approval allows Amaanah to roll out Shariah-compliant and interest-free financial services aimed at individuals, micro, small and medium enterprises (MSMEs), and underserved communities across Nigeria.
Chairman of Amaanah’s Board, Dr Akeem Oyewale, said the license was more than a regulatory milestone but a responsibility to reshape the role of finance in society.
“We are grateful to the Central Bank of Nigeria for entrusting us with this license. This represents a mandate to reimagine how finance can serve society,” Oyewale said. “Amaanah is here to energise the sector with ethical alternatives that uplift everyday Nigerians, empower small businesses, and extend opportunity to those often left behind.”
He stressed that the company’s mission was anchored on fairness and financial inclusion. “This license is the foundation of a new financial future for Nigeria — one built on trust, fairness, and shared prosperity. At Amaanah, we believe finance should serve people, not the other way around,” he added.
Amaanah Finance said its product offerings would be guided by Islamic finance principles such as Murabaha, Ijarah, Musharakah, and Mudarabah. These will replace interest-based loans with partnership-based contracts and profit-and-loss sharing mechanisms.
The company also announced the creation of the Amaanah Centre for Entrepreneurship Opportunities, designed to identify investment-ready MSMEs and provide entrepreneurs with support ranging from capacity building to funding access.
“These offerings are open to all Nigerians, regardless of religious background, who are seeking transparent, values-driven alternatives to conventional financial services,” the company stated.
According to Amaanah, the long-term plan is to expand operations across the country, with Lagos serving as its headquarters and Abuja as a corporate hub.
The company said its entry into the sector comes at a time when many Nigerians are seeking affordable and trustworthy financial services. “By eliminating interest and focusing on profit-and-loss sharing, Amaanah ensures that its success is tied directly to the success of its customers,” the statement added.
