Finance

Jaiz Bank grows balance sheet by N288bn in 5 Years

Jaiz bank relocates head office 

The managing director of Jaiz Bank, Hassan Usman, has disclosed that the balance sheet of the non-interest bank has grown from 12 billion to about N300 billion within the last five years. That is a growth rate of N288 billion or over 30 per cent year-on-year over the last five years.

Malam Usman also stated that the bank’s profitability has been increasing at the minimum of 40 per cent, while its customer base increased exponentially, with the bank increasing its branch network from three – at the beginning – to over 40 now.

“The balance sheet has also grown from N12 billion in the first year to almost N300 billion as at the end of 2021. The bank has grown significantly,” the CEO said yesterday at the commissioning of the National Hajj Commission OF Nigeria branch of the bank in Abuja, saying “We see the next couple of years to even be better in growth, for profitability, value addition for our customers, especially those in the SMEs space.”

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Usman said the new branch at NAHCON will help to decongest its head office while also helping to serve the people around its environs. He said Automated Teller Machines (ATMs) were also provided to support the branch in helping customers perform financial transactions. “Customers of other banks can also access that service. It’s very strategic. It will help to ensure that our Hajj Saving scheme in run in conjunction with the National Hajj Commission without any difficulties,” he stated while fielding questions from journalists.

He told the gathering at the commissioning of the new branch that its Hajj Savings Scheme that was started recently is growing, adding that the bank has been able to have more than 4000 customers enroll on it, with over N1 billion in terms of micro savings. “We have paid more than N50 million in profit to those customers and all the stakeholders in the scheme,” he said.

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The National Hajj Commission has the sole responsibility of organizing Hajj savings for Muslims intending to go on pilgrim. They collaborate with the States’ pilgrim welfare board who are the ones in each of the States.

sion needs a financial institution that help them invest the savings for distribution.

The MD said Jaiz Bank helps the Hajj commission to gather the savers all over the country through its nationwide banking operations and branches. The bank also has agencies that enables potential pilgrims to enroll in the scheme.

“With this infrastructure, the Hajj Commission need not duplicate it anywhere again to capture the intending pilgrims. We also have an investment platform to invest those funds and make profit for the benefit of the intending pilgrims,” the MD stated.

On his part, NAHCON chairman Alhaji Zikrullah Kunle Hassan said the opening of the brank is timely and strategic. “It came when we are preparing for Hajj.” Hassan said Jaiz Bank is a partner that would help his commission in the delivery of its mandate.

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Chairman of Jaiz Bank, Alhaji Umaru Abdul Mutallab appreciated NAHCON for enabling the location of the branch in its premises, saying Jaiz bank will work with NAHCON for the benefit of the pilgrims and Nigerians. He expressed joy that all the State pilgrim boards will now have to come through the Jaiz Bank owned Hajj Savings scheme.

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