Jaiz Bank Plc, Nigeria’s premier non-interest bank has grown its balance sheet from an initial N12 billion 10 years ago at the start of the operation, to N300 billion in 2021, and extended about N75 billion to finance the agriculture sector.
In addition, the bank witnessed rapid branch network expansion from three at inception, to 45 branches spread across the country.
Managing Director/CEO of Jaiz Bank, Mallam Hassan Usman, disclosed this at an interactive session with journalists in Abuja to mark the 10th anniversary of the bank.
Usman while recalling with relish the initial scepticism and phobia of Islamization that heralded the concept of non-interest banking pioneered by Jaiz bank 10 years ago stated that the concept is now embraced by Nigerians of different creeds and faith.
Hassan said: “Ten years ago, the bank started with only three branches in 2012. Today we have more than 45 branches spread across Nigeria. In our first year, the balance sheet was about N12 billion. By the end of 2021, the balance sheet has grown to N300 billion.
“Ten years have passed like just yesterday. The young institution has started to grow and we are happy that we as the pioneers have proved that the concept is workable even in the Nigerian environment.
“Ours is a pioneer in Nigeria when it comes to non-interest banking. I think we have been vindicated. We have more interest now in this sub-sector. Individuals, the Corporate and even the public sector have also embraced non-interest principle to derive the benefit associated with the system.”
Hassan pointed out that the bank’s lending had been impactful in sectors like housing and agriculture, which had taken a large chunk of the Bank’s portfolio.
“I think one of the areas we know we have impacted significantly is housing delivery for Nigerians. Between us and partners, we have delivered more than 3000 houses.
“When you look at agriculture in the last four to five years, we have financed agriculture to the tune of N75 billion. Jaiz bank is one of the leading banks in terms of financing agriculture value chain. These include the new Mills, rice mills that have been created over the last four or five years.
“Our SMEs portfolio has also grown significantly over the last ten years. We have done more than N60 billion to SMEs and we created facilities for more than 20,000 individuals,” said the Jaiz bank Managing Director/CEO.
Source: The Nigerian Tribune
