Banking
Jaiz Bank Designs Banking Products to Suit MSMEs, Investors, Individuals
By Adedapo Adesanya
Nigeria’s foremost interest-free bank, Jaiz Bank Plc, has expressed its commitment to lessening the burden on micro, small, and medium enterprises (MSMEs) and its customers. The lender showed this with the introduction of some of its unique banking propositions that have been tailored to meet the needs of every Nigerian.
The bank, known for its Islamic banking foundation, which experienced a very positive performance in the first nine months of this year, said it would not be resting on its oars as it hopes to penetrate the market deeper with its line up of unique services.
One of the services introduced by the financial institution is the Working Capital Financing, which the bank uses to finance the purchase of inventory of raw materials for its customers.
Jaiz Bank explained that it does this by appointing the customer as its agent to source for the goods the customer wishes to buy, negotiate price, quality and quantity, and communicate the outcome of the negotiation to the bank via presentation of a proforma invoice.
After the completion of this procedure, Jaiz Bank will proceed to purchase the goods by making payment to the supplier, while the agent takes delivery of the goods. As a result, the payment of cost, plus profit is made to the bank by customer at the agreed future date.
The bank noted that its services also cover import and export finances that are ideal for both individuals and businesses. Under its import finance, the bank says it issues a letter of credit in favour of a beneficiary (exporter) on behalf of the importer (applicant) and to ease the process, the bank said it commits and accepts to pay against trade documents drawn in compliance with the terms established in the letter of credit.
While under the export finance facility, the bank noted that it takes upon itself to extend the export finance facility to the customer to purchase goods/raw materials against receipt of the inward letter of credit from the importer.
As an investment driven bank, with the Jaiz Premium Savings Account, the bank says it invests the depositors’ monies into financially-profitable, socially-desirable and commercially-viable business ventures which are legal and Shariah compliant.
As a non-interest bank, the gross profit made from the investment is distributed at the end of every tenure based on a pre-agreed profit-sharing ratio
For business and individuals transactions, the bank revealed that with JaizPay, a secure web payment, this will facilitate payments online use of debit cards issued by Nigerian banks. It also plugs in seamlessly with the existing websites of customers and acts as a bridge between the customer’s website and the bank.
User of automobiles are not left out through the Jaiz Auto Finance package, which allows the bank to purchase vehicle and sell to the salary account customers with a reasonable markup. Payment for the vehicle sold to the customer is usually on a monthly basis from the customer’s salary for a period of 3 to 4 years.
With Jaiz Household Appliances Finance, household appliances ranging from refrigerators, freezers, furniture, kitchen appliances, laptop computer, TV set among others can be purchased with the flexibility of a monthly payment for a period of up to 24 months under the Murabaha (cost plus) plan. The bank purchases the appliances identified by the customer and sells the same to the customer at cost plus profit.
Consumers under the Jaiz General Consumer Finance can acquire building materials, consumable goods and real estate with the flexibility of a monthly payment plan up to 36 months with Jaiz purchasing the goods identified by the customer and sells the same to the customer at cost plus profit.
Jaiz Bank reiterated that it is on course with its strategic vision of becoming the leading non-interest bank in Sub-Saharan Africa by 2022.
By Dipo Olowookere
Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.
The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.
The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.
Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
“Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.
“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.
“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.
“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
By Dipo Olowookere
Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.
In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.
It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.
All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.
Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.
They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.
“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.
“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.
“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.
Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”
By Dipo Olowookere
Customers may have difficulty accessing the digital platform of Polaris Bank, known as VULTe, during the Easter holidays from Friday, April 3, to Monday, April 6, 2026.
This is because the financial institution is carrying out system maintenance on the platform in its effort to ensure users enjoy a better banking experience.
In a notice over the weekend, the lender said “access to VULTe may be limited,” but it provided an alternative, which is the PolarisXperience.
Polaris Bank, which expressed regret over “any inconvenience” this action may cause its customers, said the “scheduled system maintenance” would happen from 10 pm to 8 am daily, promising that normal service would return after the maintenance.
“In continuation of our commitment to delivering a seamless and improved banking experience, we will be conducting a scheduled system maintenance during the Easter holidays.
“During this period, access to VULTe may be limited. We have provided an alternative channel, PolarisXperience:
“Please go to our website to onboard or use it as an existing user. You can also use this link: (https://elogin.polarisbanklimited.com).
“We regret any inconvenience and appreciate your understanding. Normal service will resume after the maintenance,” parts of the notice seen by Business Post read.
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