Open Space AI Ethical Finance announced today at a press conference in Abuja that it is a fintech company that focuses on financial technology solutions and ethical non-interest finance. Chief Executive Officer Titus Ikeh stated that the business aims to bring together modern technology and finance to provide quality services to more Nigerians and help achieve financial freedom.
Chief Technology Officer Ololade Otayemi stated that their technology is designed to provide innovative banking solutions and products suitable for both individuals and businesses without forcing users to engage in interest-based transactions.
Despite the competition in the fintech space, they have positioned themselves to focus on non-interest finance rather than the traditional banking system. Early descriptions of their financial products suggest that they will utilize artificial intelligence to help users select products that are right for them, as well as track their spending and provide helpful information on non-interest facilities.
Focus on Non-Interest Financial Services
With the Central Bank of Nigeria pushing to increase financial inclusion, many Nigerians are looking for better solutions that fit within their ethical beliefs. Open Space is taking advantage of the window by providing an ethical alternative that still utilizes technology to provide better financial services.
The fintech CEO believes there is an untapped market for non-interest financial products and services that are suitable for ordinary Nigerians. The launch event attracted several fintech operators and regulators, as well as potential early adopters, to witness the unveiling of what will be a competitive force in the Nigerian fintech space.
The next stage for Open Space will be showing how its technology and proposed financial products perform in the market as more Nigerians begin to explore alternatives within the fintech space.
