TAJBank Earns Highest Credit Ratings In NIB Sector

BY EDMOND ODOK – Nigeria’s leading non-interest banking services provider, TAJBank Limited, has set another record with a Bbb+ rating by the foremost rating agency, Agusto & Co, to emerge as the best-rated in the nation’s Non-Interest Banking (NIB) space.

As a notch up from its previous rating, this latest rating is in recognition of TAJbank’s high-quality balance sheet and robust earnings capacity within the period under review.

The fast-growing non-interest lender, which got the Bbb rating despite the prevailing economic situation in 2022, took its operational efficiency and best practice principles higher to Bbb+ this year with industry analysts attributing the honours to the bank’s zeal and strong performance in rendering services and offering innovative products to its growing customer base.

Commenting on its improved rating, the Founder and Chief Executive Officer of the Bank, Mr. Hamid Joda, described the development as a clear demonstration that TAJBank continues to prioritize necessary risk management and operational controls, with a clear focus on quality processes with first-class standards, management, and administration life cycle.

Joda said as a value-driven non-interest lender, “The latest rating of TAJBank by the reputable agency has, once again, confirmed the management’s commitment to world-class standardization of the bank’s operations, especially in terms of ensuring high operational standards and service provisions for our growing customers on a sustainable basis.

“As we have consistently assured our customers and industry regulators, our primary goal is to deliver cutting edge quality and operational systems and services as well as protect the interest of our customers and by so doing, retain TAJBank as the leader in the NIB subsector of the banking system and make it the preferred choice for value-conscious customers in non-interest banking services in Nigeria and globally.

“Our message to both current and potential customers out there is that with TAJBank, they can rest assured of the safety of their transactions and the bank’s readiness to support their business and other endeavors in line with our operational mantra, which says our interest is only the customer”.

Also speaking, Executive Director, Sherif Idi, said the latest showing has again “reaffirmed TAJBank as a system and operational-conscious and standard-drive non-interest lender that today remains at the leading edge of the NIB sub-sectoral market”.

He further said the Bank “is determined to retain this position in the years ahead by prioritizing investment in human capital and innovative technologies and solutions to continue serving its customers better and add value to the businesses or socioeconomic well-being.”

As a Pan-African Credit Rating Agency and a leading provider of industry research and knowledge in Nigeria and Sub-Saharan Africa, Agusto & Co. assigns credit risk ratings to various entities. These include financial institutions, companies in the industrial and commercial sectors, state governments, mutual funds, asset management companies, leasing companies, and pension funds.

Its rating is monitored and can be revised upwards or downwards depending on changes that occur in the organization during the validity period of the rating.