TAJBank, Nigeria’s second non-interest financial institution commenced operations on Monday, 2 December, 2019 in Abuja.
Speaking in an interview, the Founder and Chief Operating Officer of the Bank, Mr Hamid Joda, said the Bank would be bringing value to the industry as it seeks to change the face of banking with its unique offerings.
“We are very prepared to face competition because we believe we are bringing value to the banking public. Our non-interest banking model is unique in the sense that we operate as a zero interest bank. This proposition is more business friendly to individuals, corporates and SME’s because they can plan better with more certainty if we finance them.
“We will never change financing rates in the middle of the game as this is against the tenets of ethical banking. We are guided by ethical principles in all our dealings and all parties must be treated with fairness and equity. With us there are no hidden charges or strange surprises.
“Our products and the advantage of also transmuting to a trading entity under our sales contracts will do well in the SME space. Likewise, our lease and partnership based products are well suited for a developing economy like Nigeria. In the final analysis, TAJBank will distinguish itself in the area of service delivery,” he said.
According to Joda, the Bank’s key market entry strategy is high quality customer service.
He disclosed that the bank was granted a regional license to operate in the north-east and north-west regions of Nigeria with a liaison office in Lagos.
“We are commencing business in our Abuja and Kano branches on 2 December 2019. Before opening for business, we conducted a thorough research on the Nigerian banking industry and our findings revealed a huge gap in customer’s yearnings for quality service delivery and what they are currently getting.
“We have built this brand based on excellent service. A brand that our customers can be extremely proud of. This is a defining moment for all of us, one that we have worked tirelessly to achieve. We have an incredible team behind us and the future – in our humble opinions – not just of the Bank, but the financial industry, is indeed bright,” he said.
He said TAJBank also offers a number of innovative products and services that would delight its customers.
TAJBank offers an array of products and service offerings which are widely available to all Nigerians. Some of the products include: Partnership (Mudarabah) Term Deposit, Lease (Ijarah) Finance, Partnership (Mudarabah), Savings/Current Accounts, among others.
On his part, the Chairman of TAJBank, Alhaji Tanko Isiaku Gwamna, said, “at TAJBank, we are excited at the possibilities before us; the opportunity to significantly boost financial inclusion in Nigeria, the opportunity to empower millions of Nigerians and also, just as importantly, the opportunity to engender a much needed mind shift with regards to non-interest Banking, not just with our customers but the country at large.
“We have an inspired and extremely industrious team who have worked tirelessly to bring this dream to fruition and I am eager to see the impact that TAJBank will make in the financial sector and in the lives of Nigerians.”
TAJBank is Nigeria’s 2nd non-interest financial institution. It received its license from the Central Bank of Nigeria on July 12th 2019.
The Bank offers an exciting array of products and services that span Private Banking, Retail Banking, Business Banking, Development Finance and the Public Sector.
TAJBank has its head office in Abuja and a branch in Kano with major plans for expansion across the country.