NON-INTEREST FINANCE

Ethical finance based on the core principles of fairness and social justice.

DID YOU KNOW

Non-interest finance is a form of finance that incorporates ethical principles and prohibits the receiving and charging of interest

The Non-interest Finance Working Group (NIFWG) was established by EFInA in October 2009 to bring together market operators and regulators through a multi-institutional platform in order to develop the non-interest finance industry in Nigeria and drive the uptake of these products.

The key objectives of the working group include:

  • Creating a platform where market operators and regulators can discuss approaches for developing the sector
  • Deepening the uptake and usage of non-interest banking/finance products in order to¬† promote financial inclusion in Nigeria
    • By facilitating the availability of non-interest banking/finance products
    • By developing enabling regulations and policies to support development of the non-interest banking/finance sector

The NIFWG comprises of the following institutions: