Jaiz Bank grows investments by 380%
Jaiz Bank Plc, the Nigeria’s first and currently the only fullfledged interest-free bank, has grown its investment portfolios in the last two years by more than 380 percent.
The bank’s Chairman of Board of the Directors, Alhaji Umaru A. Mutallab, CON, disclosed this, yesterday, in Sokoto during the commissioning of the bank’s branch in the state.
Mutallab said: “We have grown our Investments by more than 380 percent from N1.9 billion to N9.4 billion. Our customer deposits took a massive leap of more than 460 percent from N3.2 billion to N18.6 billion.
“In terms of profitability, your bank grew its total earnings by more than 750 percent during the year.”
He said the bank was able to achieve these through the use of “unique and robust IT platform in delivering exceptional customer services to our clientele.”
Jaiz Bank commenced business on Friday, January 6, 2012 and is licensed by the Central Bank of Nigeria as a regional, non-interest and ethical financial institution with an authorised share capital of N13 billion.
With just three locations, Abuja, Kano and Kaduna, when it started in 2012, the bank has expanded its operation to 13 locations. The bank now has branches in Gombe, Sokoto, Maiduguri, Katsina, Gusau, three branches in Kano, and additional two in Abuja - Wuse and National Assembly with more branches scheduled to be opened soon.
From left: Sitawa Wafula, blogger from Kenya; Eunice Namirembe, from Uganda; Eseoghene Odiete, Creative Director, Hesey Designs; Eric Obuh, Vocal Slender, Nigeria and Christopher Panford from Ghana at the Google’s ‘Africa Connected’ Competition award night in Nairobi, Kenya recently.