Amaanah Finance Company has said it has received its operational licence from the Central Bank of Nigeria (CBN), authorising it to operate as the country’s pioneer non-interest finance company.

The development marks a major milestone in Nigeria’s financial services sector, opening the door for the introduction of Shariah-compliant and interest-free financial solutions tailored to individuals, small businesses and underserved communities.

Chairman of the Board, Dr Akeem Oyewale, welcomed the approval, describing it as a mandate to reimagine how finance can serve society.
He expressed appreciation to the apex bank for its confidence in Amaanah, stressing that the company would energise the sector with ethical alternatives that uplift Nigerians, empower small businesses and extend opportunities to those often left behind.

“This licence 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. Our mission is to empower every Nigerian entrepreneur, women-led businesses, and communities through ethical solutions that are transparent, inclusive and free from hidden burdens,” he said.

With a vision to become Africa’s most trusted and impact-driven non-interest financial services provider, Amaanah is set to offer a full suite of products rooted in Islamic finance principles such as Murabaha, Ijarah, Musharakah and Mudarabah.

Its offerings span non-interest savings and investments, ethical financing for individuals and SMEs, as well as partnership-based contracts prioritising shared risk and reward.

As part of its strategy, the company has established the Amaanah Centre for Entrepreneurship Opportunities, designed to produce investment-ready MSMEs that meet Shariah-compliant and sustainability standards.

The centre will also equip entrepreneurs with access to funding and capacity-building support aimed at ensuring long-term viability.

“At a time when many Nigerians are seeking affordable, reliable and trustworthy financial services, Amaanah brings a refreshing approach that places people at the heart of finance.

By eliminating interest (riba) and focusing on profit-and-loss sharing, the company ensures that its success is tied to the success of its customers, creating a more equitable financial ecosystem for all,” Oyewale added.