A new financial institution, Open Space, focused on Artificial Intelligence (AI) and Ethical Finance, has launched in Nigeria’s financial ecosystem, seeking to compete with Moniepoint and other fintech and banking platforms.
Open Space was unveiled in Abuja on Tuesday as part of efforts to deepen financial inclusion and make financial services more accessible to Nigerians and businesses.
Speaking at the launch, Chief Executive Officer of Open Space, Titus Ikeh, said the platform was created to redefine the relationship between technology, finance and human development.
“Today is not simply the launch of a new financial product. It is the unveiling of an important expression of what we believe finance can and should become when technology, innovation and human purpose are brought together deliberately.
“At Open Space, our vision has always been to put human lives at the centre of financial and social innovation. We did not set out to build another platform simply to be numbered as one of the many financial platforms that already exist.
“We set out to build an ecosystem that can make financial services more accessible, intelligent, relevant and meaningful to people, particularly those who have historically remained underserved or excluded from the formal financial system”, he stated.
Ikeh added that Open Space was founded on the belief that financial innovation should serve a broader purpose beyond facilitating transactions.
“It should help people make better decisions, create opportunities, build businesses, acquire assets, grow wealth and improve the quality of their lives. This conviction is reflected in our vision to empower humanity through disruptive innovation and trust capital to create shared prosperity. Our platform brings together financial services and artificial intelligence tools within one ecosystem, giving individuals and businesses access to a growing range of financial capabilities in a single environment”.
On his part, the Chief Operating Officer of Open Space, Oscar Ede, said the launch represented an important step towards making financial services more accessible and responsible for Nigerians.
“Today represents an important step in our commitment to making finance more accessible, responsible and meaningful to the people and businesses we serve. From an operational perspective, launching Ethical Finance is not simply about introducing a new category of financial products. It is about building the structures, processes and customer experience required to ensure that the principles behind Ethical Finance are reflected in every interaction a customer has with Open Space”, he said.
Similarly, the Chief Technology Officer of Open Space, Ololade Otayemi, said the platform combines modern technology with Ethical Finance to simplify financial services while maintaining the infrastructure required to support sophisticated products.
“Today marks an important milestone for Open Space, not only because we are introducing Ethical Finance, but because we are demonstrating what becomes possible when ethical financial structures are supported by modern technology, intelligent systems and a carefully designed digital infrastructure. Our objective from the technology side has been very clear: to remove complexity from the customer experience while building the depth of infrastructure required to support sophisticated financial products securely, intelligently and at scale”.
Meanwhile, Open Space’s Shariah Advisor, Zubair Mughal, said Nigeria remains one of the most open markets for Ethical Finance in the world.
The launch positions Open Space as a new entrant into Nigeria’s increasingly competitive digital financial services market, where fintechs and banks are expanding the use of technology to drive financial inclusion and reach underserved customers.
