Jaiz Bank to expand interest-free banking beyond Nigeria


Thursday, March 17, 2022 / 6:53 p.m. / By Bukola Akinyele-Yisau for WebTV / Header image credit: Jaiz Bank PLC

Jaiz Bank Nigeria’s pioneering interest-free banking group plans to expand its services to the Sub-Saharan African region over the next five years.

Managing Director/CEO of Jaiz Bank Plc, Mr. Hassan Usman revealed this during a recent interactive session with financial market participants.

He said the bank will continue to innovate and deliver products with substantial socio-economic impact on its customers.

Over the past five years, especially from 2016, the bank has achieved an average annual growth of 40% year on year, while its profitability has increased by more than 45%.

As the bank marks a decade of providing interest-free financial services, Mr Usman said it has grown the size of its balance sheet from 12 billion naira in December 2012 to nearly 300 billion naira in 2021.

Speaking further, the CEO announced that Jaiz Bank Plc recently opened its 45andbranch in the capital of Ondo State.

He said Jaiz Bank is working to expand its branch network and allow as many people as possible to enter the interest-free banking segment of the financial industry.

The Managing Director of Bank Jaiz added that the bank will give priority to SMEs, given the contribution of small businesses to job creation and economic empowerment.

Mr. Usman said he would leverage innovative products to boost financial inclusion in the country, providing services to the unbanked population.

He further explained that Jaiz Bank’s SME portfolio is around 20-25% and will continue to support women-owned businesses through leases and working capital.

Looking to the future, Mr. Usman observed that no financial institution could thrive without technology. He charged the banking industry with the need to meet customers, invest heavily in technology, which the bank is focusing on through USSD, POS, ATMs and internet banking. to expand, partner and deploy strategic relationships with fintech regulators to support the next phase. of the bank’s growth trajectory.

He expressed optimism about the outlook for “non-interest” financial markets and reaffirmed the bank’s commitment to supporting information campaigns and raising awareness of the industry’s value.

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