Jaiz Bank Partners With CBN to Promote Rural Financial Inclusion
Nigerian bank operating under Islamic banking principles and also a non-interest bank, Jaiz Bank Plc has revealed it plans to partner with the Central Bank of Nigeria (CBN) to promote financial inclusion especially in the rural communities.
In a bid to strengthen Nigeria’s economic diversity, Hassan Usman, Managing Director of Jaiz Bank, said the initiative will include extending micro banking instrument to the rural communities that are not captured in the conventional banking system and financing small scale enterprise.
Speaking at the Kano International Trade Fair, Usman noted that with Jaiz Bank’s capital base now at 15 billion naira, the company is empowering micro, small, and medium entrepreneurs (MSMEs) to spread economic prosperity in the country.
Usman commended the CBN for providing various risk management schemes to ensure the productive base of the economy is increased. He revealed that Jaiz Bank has adopted a strategy of demonstrating its products in the rural areas through agent banking system, where people will be encouraged to access financial banking.
Usman said “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.”
He added that “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”.
Jaiz 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 Nigeria.