In an attempt to strengthen the economic diversity of Nigeria, Jaiz Bank Plc is partnering with the Central bank of Nigeria (CBN), to promote financial inclusion, especially in rural communities.
The Managing Director of the bank, Hassan Usman, revealed the strategic plan will include extending micro banking instrument to the rural communities that are not captured in the conventional banking system and financing small-scale enterprise.
Hassan, who spoke last week at the ongoing Kano International Trade Fair, explained that with capital base now at N15 billion, Jaiz Bank is empowering micro, small, and medium entrepreneurs (MSMEs) to spread economic prosperity in the country.
Usman, who said Nigeria’s economy is a complex mono-product one, commended the CBN for providing various risk management scheme to ensure the productive base of the economy is increased.
He said Jaiz Bank has now adopted a strategy of demonstrating its products in the rural areas through the agent banking system, where people will be encouraged to access financial banking. Usman explained that the bank is carrying out effective awareness creation on Islamic financial services through the media and social media for better information and understanding of its banking system.
“Let me commend the CBN’s efforts for deepening Nigeria’s economy, especial for encouraging commercial banks to support various business initiatives, which now boost the economy. Commercial banks through the risk management instrument of CBN can now fund agriculture and other sectors of the economy through loans.
In Jaiz Bank, we have provided several business opportunities through our customer-friendly products. Even without CBN’s intervention, even when our liquidity remains dormant with the apex bank, we are glad with the introduction of Sukuk and other short-term instruments, the bank is better repositioned for more patronage,” Usman emphasised.
He said the bank, which started as a regional bank with three branches at inception, has now acquired national status with 34 branches across three geopolitical zones in the country, with a projection of expanding to the 36 states before the end of 2018.
He explained that presence at the ongoing Kano International Trade Fair, was targeted at increasing the bank’s visibility, and showcase its numerous products to customers.