INSUBCONTINENT EXCLUSIVE:
Nigerian fintech firm Enricher is gearing up for global expansion, targeting the UK and North America.The goal is to tap into the increasing
demand for Islamic-compliant financial services.Research from 2021 highlighted significant growth potential for Islamic finance in African
platform.She acknowledges the limitations of being solely in the African market and sees vast opportunities overseas.Islamic banking assets
had impressive growth, reaching US$2.8 trillion in 2021, with projections suggesting it could hit US$4 trillion by 2026.Islamic finance, a
train to hop on at your earliest convenience
(Photo Internet reproduction)The UK dominates in Europe, hosting 45 of the 68 Islamic fintech firms.Islamic finance is unique; it bans
interest collection and payments, focusing on equity participation and risk-sharing.Investments in sectors like alcohol, gambling, and
weapons are prohibited.Instead of interest, Islamic finance offers alternatives like Sukuk, which gives investors partial asset ownership
population.Many Muslims feel traditional financial systems may not align with their religious beliefs.Enricher, headquartered in Abuja, is
global partners with shared values.Originally established as an educational entity in 2020, Enricher transitioned to fintech due to the lack
of finance options adhering to Islamic rules.Their platform caters to individuals and businesses, offering halal-compliant financial tools
tailored for each client.Up until now, the firm has raised US$750,000, supporting various projects from climate ventures to real estate and
tech education.Financial technologies, or FinTech, can offer solutions for marginalized groups in Africa.Especially for the Muslim
inclusion among the predominantly unbanked Muslims in the region.
