CBN Licenses Amaanah Finance Company to offer Non-Interest Banking in Nigeria

The Central Bank of Nigeria (CBN) has granted an operational license to Amaanah Finance Company, authorising it to operate as a non-interest finance provider.

The approval positions Amaanah as one of Nigeria’s first licensed companies to offer Shariah-compliant, interest-free financial products.

Speaking on the announcement, Dr. Akeem Oyewale, Chairman of the Board, described the license as “a mandate to reimagine how finance can serve society.”

He added that Amaanah aims to provide alternatives that support small businesses and underserved communities.

“This license is the foundation of a new financial future for Nigeria—one built on trust, fairness, and shared prosperity,” Dr. Oyewale said.

“At Amaanah, we believe finance should serve people, not the other way around. Our mission is to empower every Nigerian entrepreneurs, women-led businesses, and communities through ethical solutions that are transparent, inclusive, and free from hidden burdens,” he added.

Amaanah Finance plans to offer a range of products based on Islamic finance principles including Murabaha, Ijarah, Musharakah, and Mudarabah.

Services will include non-interest savings and investments, financing for individuals and SMEs, and partnership-based contracts that involve shared risk and reward.

The company has also established the Amaanah Centre for Entrepreneurship Opportunities, aimed at providing investment-ready MSMEs with access to funding, training, and capacity-building support while ensuring compliance with Shariah and sustainability standards. The initiative is intended to integrate the company’s growth with broader socio-economic development goals.

Oyewale noted the potential impact of non-interest financing on financial inclusion.

“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,” he said.

With its license now secured, Amaanah Finance is preparing to roll out operations nationwide, with headquarters in Lagos and a corporate office in Abuja.

The company says it aims to expand access to structured financial solutions across Nigeria, particularly for underserved communities and SMEs.