Jaiz Bank Celebrates 10 Blooming Years, Balance Sheet Hits N300bn Mark – Usman
- Invests N60bn On MSMEs, 75bn in agric sector
Nigeria’s Pioneer non-interest banker, Jaiz Bank Plc is excited with an impressive balance sheet of over N300 billion in its 10 years of operations since joining the scene as a financial player in the year 2012.
This is as the Managing Director and Chief Executive, Mr Hassan Usman confirms that the bank has positively impacted the Micro, Small, and Medium Enterprises (MSMEs) sub-sector of the economy to the tune of over N60 billion in the last decade.
Usman, who spoke at an interactive session with the Finance Correspondents Association of Nigeria (FICAN) in Abuja, said the bank has also recorded milestones in creating facilities for more than 20,000 individuals while investing over 75 billion Naira in growing the nation’s agricultural sector.
He said though the Bank ventured into the unfamiliar territory of Islamic banking in Nigeria without any experience on the ground, its growth rate has been commendable from a modest sum of N12 billion in 2012 to over N300 billion.
The Managing Director further stated that from the three branches that the bank, commenced operations with as a regional branch, its network has now grown to over 45 branches nationwide, adding that five more branches would soon come on stream taking the number to 50.
Explaining that the five new branches would be spread to both the northern and southern parts of the country, Usman said the bank has sustained engagements in various business activities, sharing the profits fairly and equitably with its shareholders and customers.
Usman, who also noted that the last five years have seen the bank recording about 30 percent growth on a yearly basis, said its profit before tax has grown impressively over the years with the customer base now hitting the million mark across all sectors of the economy.
“For the last two years, we have been consistently paying dividends, though small, it is competitive. During our first dividend, we paid about N800 million but from the second one, each year we have been paying a billion.
He said being mindful of the country’s housing deficit, Jaiz Bank has financed and delivered more than 3000 houses during the period under review, noting that its current positive results are undoubtedly very reassuring to all stakeholders and the public.
“The journey has been satisfying for us. We have worked with partners to create more than 3,000 housing units across Nigeria. We have done financing to SMEs to the tune of more than N60 billion, with this small number of years, we have also financed more than 4,000 corporates and more than 5,000 SMEs’ customers”, Usman said.
The Jaiz Bank boss described the developments as underscoring the financial institution’s role as Nigeria’s pioneer Non-Interest Bank as well as the industry leader, adding that aside from staying committed to the provision of value-adding ethical banking services to its growing customer base, the Bank is positioned to continue the remarkable earnings streak leveraging on technology to continuously expand its branch network nationwide.
