Members: 257 members, | Posts: 304 | Date:10th August 2022, 9:06 am


CBN Grants National Licence To TajBank

By - - [ Business ]

TAJBank Limited, a non-interest bank, has secured the approval for nationwide banking operations from the Central Bank of Nigeria (CBN).

The license is coming on the heels of several awards bagged by the bank in the past two years of operations with three International Standards Organisation (ISO) certifications.

At a media briefing yesterday in Abuja, the Managing Director/CEO of TajBank, Mr Hamid Joda, described it as another feat as the bank has impressive products and services making it a preferred choice in non-interest banking operations.

He said, “I want to assure them (CBN) that with the latest approval by the authorities, we will deploy all human and technological resources to their doorsteps and give real meaning to the National Financial Inclusion Strategy (NFIS) by bringing world-class non-interest banking products and services to their doorsteps for growth and prosperity.”

The CEO also said the national license would help in growing the bank’s agency network to 25,000 by 2025, thereby reducing the financial exclusion rate.

TAJBank’s management had in June unveiled plans to launch Nigeria’s first private sector Sukuk offering under a N100 billion programme under a Mudarabah structure, thereby marking a historic shift from government-dominated Sukuk offerings to a fully private sector-oriented offering in the Nigerian debt markets.

Commenting on the national licence issuance to the non-interest lender, the bank’s Executive Director, Mr Sherif Idi, said: “We are very excited to achieve this feat, especially when the potential benefits to our customers and the nation’s economy cannot be quantified in socio-economic terms.

“For us, it is a call for more services to millions of Nigerians, who are desirous of having access to credit without pain. Let me say it out loud, we shall not disappoint them on this expectation”.

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