TAJBank, Nigeria’s second licensed non-interest bank, provides ethical, Sharia-compliant banking services to individuals and businesses. Founded in 2019 by Hamid Joda and Sherif Idi, TAJBank operates from its headquarters in Abuja and has expanded to multiple regions. The bank emphasizes customer-focused, ethical finance, catering to a range of needs with products grounded in transparency.
TAJBank’s role as a pioneer in ethical banking reflects its commitment to non-interest finance and customer-centric solutions. As it grows, TAJBank redefines financial services, combining ethical principles with technology to serve Nigeria’s diverse and evolving banking needs.
Background and History
TAJBank began operations in December 2019 with branches in Abuja and Kano, quickly earning a reputation for ethical banking aligned with Islamic finance principles. In 2022, it achieved a national license, enhancing its mission to bring non-interest banking to underserved areas. With continuous investments in digital infrastructure, TAJBank ensures accessible services across Nigeria.Current Role and Impact
TAJBank provides services across retail banking, SME and business banking, digital solutions, and public sector banking. The bank offers non-interest financial products like Murabaha (cost-plus financing) for asset purchases and Musharakah (partnership financing) for business growth. Its digital app, TAJWay, and USSD banking expand accessibility, prioritizing financial inclusion and empowering underserved populations.Influence on Nigeria’s Economy/Culture
TAJBank promotes financial inclusion and economic growth by supporting SMEs and providing easily accessible services to unbanked communities. Its non-interest model aligns with Nigeria’s diverse cultural and religious preferences, making it a trusted choice for ethical banking. By prioritising transparency, TAJBank contributes to building financial trust and literacy across Nigeria.Future Outlook and Industry Insights
Looking to grow further, TAJBank plans to expand to 50 branches by 2025 while continuing its digital innovation to reach underserved areas. It aims to set industry standards for ethical finance, with plans for international reach and ongoing technological investment.TAJBank’s role as a pioneer in ethical banking reflects its commitment to non-interest finance and customer-centric solutions. As it grows, TAJBank redefines financial services, combining ethical principles with technology to serve Nigeria’s diverse and evolving banking needs.
