White Paper
Open Space: Africa’s First AI-Native Financial Super App
1. Executive Summary
Open Space is an AI-native, open banking-powered financial super app built to help Africans gain complete control over their finances. By integrating smart lending, savings, payments, budgeting, and personalized financial guidance, Open Space provides a unified platform that leverages artificial intelligence and machine learning to drive better financial decisions.
Our phased approach begins with a lending license to offer intelligent microloans, transitions into a licensed Microfinance Bank (MFB), and evolves into a full-scale super app aggregating the functions of platforms like Opay, PalmPay, PiggyVest, Rocket Money, and Paystack—all in one secure, data-empowered interface.
Our mission is to democratize financial intelligence and elevate financial health through the power of open data, smart algorithms, and user-first design.
2. Theory of Change
At Open Space, we believe that inclusive finance is not just about access—it’s about transformation. Millions of Africans are locked out of the financial system or underserved by fragmented, exploitative services. This financial exclusion perpetuates cycles of poverty, limits entrepreneurial potential, and diminishes quality of life.
Our theory of change is rooted in a simple yet powerful idea: if people are empowered with smart, integrated, and personalized financial tools, they will make better financial decisions, break free from poverty traps, and unlock new levels of economic independence.
We aim to:
- Use AI to democratize financial intelligence.
- Integrate fragmented financial ecosystems into one seamless experience.
- Promote responsible lending and saving behaviors through smart nudges.
- Support the growth of small businesses and informal workers by making credit and financial coaching accessible.
By achieving these, we directly contribute to several United Nations Sustainable Development Goals (SDGs):
- SDG 1: No Poverty – by improving financial resilience.
- SDG 5: Gender Equality – by providing equitable access to finance for women.
- SDG 8: Decent Work and Economic Growth – by empowering MSMEs and gig workers.
- SDG 9: Industry, Innovation, and Infrastructure – by building Africa’s intelligent financial infrastructure.
- SDG 10: Reduced Inequalities – by expanding inclusion to the unbanked and underserved.
Open Space is not just an app. It is a movement to reimagine what financial dignity can look like in Africa. We are building the tools to turn data into empowerment, insights into freedom, and transactions into transformation.
2. Vision & Mission
Vision: To lead with a comprehensive and inclusive FINTECH ecosystem that disrupts financial service experience in Africa.
Mission: To empower individuals and businesses to make smarter financial decisions by integrating AI, open banking, and intuitive user experience into a single financial ecosystem.
3. The Problem
Across Africa, most consumers face three interlocking challenges:
- Fragmentation: Financial data is spread across multiple banks, wallets, and loan providers.
- Lack of Insight: No single view exists for users to understand spending, income, debt, or creditworthiness.
- Access Barriers: Many people, especially gig workers and youth, lack access to fair credit, smart saving tools, or financial coaching.
The result is poor financial health, high-interest debt traps, and a sense of disempowerment.
4. The Open Space Solution
Open Space combines the capabilities of a lending platform, digital bank, budgeting tool, and marketplace into one unified app, all driven by machine learning and open APIs.
Core Capabilities:
- AI-Powered Lending: Access instant, responsible credit tailored to real-time financial behavior.
- Digital Banking Services: Save, transfer, pay bills, and hold digital wallets with ease.
- Smart Budgeting & Forecasting: Automatically categorize expenses, track goals, and predict future needs.
- Open Banking Aggregation: Sync with banks, fintechs, and payment providers for a 360° financial view.
- Marketplace Integration: Access investment tools, insurance, remittance, and partner services.
5. Key Features
|
Feature |
Functionality |
|
Unified Wallet |
View all financial activity in one place. |
|
Instant Loans |
Behavior-based, dynamic microloans with ethical interest rates. |
|
Auto-Budgeting |
AI-generated budgets and spending limits. |
|
Financial Nudges |
Personalized reminders, tips, and alerts. |
|
Smart Savings |
Rules-based goal saving and autopilot deposits. |
|
Payments & Bills |
Seamless airtime, utility, and merchant payments. |
|
Transaction Categorization |
AI categorizes spending patterns in real time. |
|
Smart Investment Suggestions |
AI recommends low-risk or goal-based investments tailored to user profile. |
|
Income Forecasting |
Predict upcoming income based on past deposits, freelance jobs, or salaries. |
|
Expense Forecasting |
Identify recurring and seasonal expenses to prevent budget overruns. |
|
Subscription Manager |
Detects and tracks recurring payments and offers cancellation options. |
|
Cash Flow Coaching |
Personalized guidance to improve liquidity and reduce unnecessary expenses. |
|
Risk & Fraud Alerts |
Real-time anomaly detection for unusual transactions. |
|
Credit Score Coach |
AI suggestions to improve creditworthiness through repayment behavior. |
|
Personalized Financial Goals |
Automated milestone tracking for savings, debt reduction, or investments. |
6. AI and Machine Learning Engine
Open Space’s intelligence core personalizes the experience for each user:
- Spending Pattern Recognition
- Income Consistency Modeling
- Predictive Budgeting & Alerts
- Behavioral Credit Scoring
- Anomaly Detection (fraud and risk management)
- Goal Optimization
ML models are trained on anonymized behavioral data and improved continuously through user feedback loops and supervised learning.
7. Licensing Roadmap (Nigeria)
|
License |
Function |
Timeline |
|
Lending License |
Offer consumer and small business loans |
Q3 2025 |
|
Microfinance Bank (MFB) |
Provide core banking services |
Q1 2026 |
|
PSSP |
Enable payments, POS, and merchant transactions |
Q3 2026 |
|
AISP/PISP (Open Banking) |
Aggregate and initiate payments through APIs |
In progress 2025–2026 |
8. Competitive Advantage
|
Advantage |
Description |
|
AI-Native |
Built with AI and ML at the core of product architecture. |
|
Open Banking Ready |
From inception, designed to integrate with Nigeria’s open banking framework. |
|
Modular Architecture |
New features can be plugged in without technical overhaul. |
|
Unified UX |
One app to replace five fragmented tools. |
|
Personalization |
Every user sees insights tailored to their habits, not generic reports. |
9. Market Opportunity
- 70M+ underbanked Nigerians ready for credit and financial guidance.
- ₦10T+ credit demand gap among MSMEs and households.
- Gen Z & Millennial users looking for smart, mobile-first tools.
- Open Banking adoption accelerating regulatory compliance and innovation.
10. Roadmap & Phases
Phase 1: Foundation (2025)
- Lending license + MVP with AI-based credit engine
- Wallet and spending analytics dashboard
Phase 2: Scale (2026)
- Obtain MFB license and launch full banking suite
- Add smart savings, budgeting, and bill payments
Phase 3: Super App Expansion (2027)
- Plug in investment, remittance, insurance, and tax partners
- Add diaspora tools and expand to Ghana/Kenya
11. Technology Stack
- Frontend: React Native / Flutter
- Backend: Node.js / Python (Django)
- AI/ML: TensorFlow, PyTorch, scikit-learn
- APIs: REST + GraphQL, Open Banking APIs (OAuth 2.0)
- Cloud: AWS / Azure (Kubernetes + CI/CD)
- Security: AES-256 encryption, RBAC, audit logs, NDPR compliant
12. Call to Action
To realize our vision, we are calling on diverse stakeholders to partner with us in transforming the financial future of Africa. Here’s how you can join the movement:
1. Investors
We are seeking visionary impact investors, venture capitalists, and financial backers who believe in the power of inclusive fintech. Your funding will:
- Accelerate product development and AI capabilities
- Support regulatory licensing and operational growth
- Drive user acquisition across Nigeria and beyond
2. Regulators & Policy Makers
We invite collaboration with CBN, NIBSS, and related bodies to:
- Co-create frameworks that protect users and foster innovation
- Shape the future of open banking in Africa
- Expand access to secure, responsible financial products
3. Financial Institutions & Banks
We seek partnerships to:
- Integrate APIs for data aggregation and payment initiation
- Develop credit products tailored to underserved demographics
- Collaborate on new distribution channels for inclusive finance
4. Technology Partners & Developers
We welcome fintechs, infrastructure providers, and developers to:
- Build plugins and mini-apps on the Open Space platform
- Contribute to our open API ecosystem
- Advance AI and ML applications in user finance
5. NGOs & Development Agencies
We’re open to alliances that:
- Promote financial literacy and digital inclusion
- Deliver women- and youth-focused financial empowerment programs
- Pilot community-based microfinance interventions
6. Early Users & Community Champions
We invite individuals, businesses, and influencers to:
- Join our beta launch community
- Provide product feedback to refine the user experience
- Share the vision of Open Space within their networks
Together, we can build an ecosystem that doesn’t just digitize money — but dignifies financial lives.
Join us. Invest with us. Build with us. Shape the future with us.
Contact:
hello@openspace.finance
Open Space Financial
2025