The Central Bank of Nigeria (CBN) has authorized Amaanah Finance Company to operate as Nigeria’s first non-interest finance company. CBN recently granted the company an operational license, an approval that immediately permits Amaanah to kickstart Shariah-compliant and interest-free financial services aimed at helping Nigerians, micro, small and medium enterprises (MSMEs), and underserved communities across the country.
Appreciating CBN for entrusting the company with the key license, Chairman of Amaanah’s Board, Dr Akeem Oyewale, said that the show of faith was not only 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. 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 said.
He stated that the company will concentrate on fairness and financial inclusion while serving the people.
“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’s product offerings would be guided by Islamic finance principles like Murabaha, Ijarah, Musharakah, and Mudarabah, replacing interest-based loans with partnership-based contracts and profit-and-loss sharing mechanisms.
According to the company, it will also create the Amaanah Centre for Entrepreneurship Opportunities, designed to highlight investment-ready MSMEs and offer entrepreneurs with support ranging from capacity building to funding access.
Amaanah concluded by saying that its long-term plan is to expand operations across Nigeria, with Lagos serving as its headquarters and Abuja as a corporate hub.
“These offerings are open to all Nigerians, regardless of religious background, who are seeking transparent, values-driven alternatives to conventional 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,” a press statement stated.
