• Nigerian financial group Finmal Finance presented plans to Chad authorities to establish the country's first Islamic bank.
• The initiative aims to diversify Chad's banking sector and expand financial access in a nation where formal banking penetration stands at a low 2.85%.
• Finmal Finance also expressed interest in investing in Chad's priority sectors: agriculture and logistics.

Nigerian financial services group Finmal Finance Services Limited plans to open an Islamic bank in Chad. A delegation led by CEO Umaru Kwairanga presented the project to Chadian Finance Minister Tahir Hamid Nguilin on Friday, October 24, 2025.

The group intends to introduce a banking model to Chad that adheres to Islamic finance principles, which center on profit and loss sharing and exclude interest-based operations. This system allows the financing of real economic activities and promotes the direct participation of investors and clients in funded projects.

Finmal Finance Services Limited commenced operations in 2002 with a starting capital of 20 million Nairas. This financial group registers with the Securities and Exchange Commission (SEC) and obtains licensing from the Nigerian Exchange (NGX). Finmal operates in several sectors, including investment banking, asset management, stockbroking, and financial consulting.

Chad currently counts ten commercial banks. Ecobank Tchad dominates the credit sector, holding 22.85% of market share in the fourth quarter of 2023. Commercial Bank Tchad follows with 19.76% of the market share, ahead of Banque Commerciale du Chari (17.75%) and Société Générale (14.19%). The remaining market share remains highly fragmented among the other banks.

The country’s strict banking penetration rate remains low. It estimates a low 2.85%, compared to 11.68% for the CEMAC zone, according to the 2023 BEAC report on payment services published October 15, 2025. This level reflects the poor penetration of formal banking services, especially in rural areas. The arrival of an Islamic bank could broaden access to financing for populations underserved by conventional banks.

Finmal Finance expressed its interest in investing in Chad's agriculture and logistics sectors, alongside the banking project. These activities qualify as priorities under the country's National Development Plan. Mr. Kwairanga stated, following his meeting with Chadian authorities: "We want contribute to the development of Chad and strengthen economic ties between our two countries."

This article was initially published in French by Chamberline Moko

Adapted in English by Ange Jason Quenum