Nigeria’s financial technology sector is gaining another entrant with the emergence of Open Space, a fintech company focused on combining artificial intelligence (AI), open banking and financial services to expand access to digital finance.
Open Space Finance positions itself at the intersection of AI and financial inclusion, with its leadership highlighting the potential of technology to make financial services more accessible to both banked and underserved Nigerians.
The company’s Chief Executive Officer, Ikeh Titus Adakole, has promoted the concept of “Banking Without Borders,” arguing that AI and open banking can give consumers greater control over their financial lives.
At an Abuja AI conference, Adakole delivered a keynote titled “Banking Without Borders: How AI and Open Banking Are Putting Power in Every Nigerian’s Hands.” The company said its approach is aimed at using AI-driven financial technology to improve access and create new opportunities for users.
The emergence of Open Space comes as Nigeria’s fintech industry continues to expand, driven by increased smartphone use, digital payments, open banking and demand for faster financial services.
AI could further change the sector by helping fintech companies automate processes, analyse financial information, personalise services and identify patterns that may support better decision-making. However, the wider adoption of AI in financial services also raises questions around data protection, cybersecurity, transparency and regulatory oversight.
The development is significant because financial inclusion remains an important issue in Nigeria, where millions of people and small businesses still face barriers to accessing affordable and convenient financial services.
Open Space says its broader objective is to build technology that puts financial power in the hands of users and supports wider participation in the digital economy.
The company’s emergence adds to Nigeria’s growing fintech ecosystem, which has become one of Africa’s most active technology sectors.
As Open Space develops its AI-focused financial services, its progress will be closely watched for how effectively it can combine innovation, accessibility and responsible financial technology.
