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 Modupe Gbadeyanka
Customers of Guaranty Trust Bank (GTBank) Limited in need of quick airtime on their phones for payment later can now do so at an interest rate of 2.95 per cent.
The flagship banking franchise of GTCO Plc, in a statement, said this innovative digital solution gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring they can stay connected when it matters most.
The service known as the Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group.
Leveraging HabariPay’s Squad, the solution reinforces the group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
The Quick Airtime Loan service was created to help customers address missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight and options are limited.
The product offers users instant access to airtime on credit, directly from their bank.
With Quick Airtime Loan, eligible GTBank customers can access from N100 and up to N10,000 by dialling *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15 per cent, but GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95 per cent.
Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
“Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs.
“The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience.
“By leveraging unique strengths across the Group, we can accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels,” the Managing Director of GTBank, Ms Miriam Olusanya, commented.
By Modupe Gbadeyanka
United Bank for Africa (UBA) Plc has introduced a diaspora platform designed to connect global Africans with investment and wealth opportunities.
This platform, according to the lender’s Head of Diaspora Banking, Mr Anant Rao, would be used to tap into the $100 billion diaspora remittance flows to Africa annually.
Mr Rao stated that the objective is to provide a platform that brings together offerings across the numerous needs of the global African, including banking and payments, investments, securities services, asset management, insurance, pensions, and real estate.
“Diaspora capital is not just a flow of funds — it is a strategic growth partner for Africa.
“Our role is to provide a trusted platform that converts capital into structured investment and shared prosperity across the continent,” he stated at the unveiling of this platform in Lagos recently.
Business Post gathered that this diaspora banking and investment platform will serve Africans living and working across the world and within the continent.
It was launched in collaboration with leading ecosystem partners, including United Capital, Africa Prudential, UBA Pensions, Afriland Properties, Heirs Insurance Group, and Avon Healthcare Limited.
“For decades, Africa’s engagement with its diaspora has focused largely on remittances. Today, we are moving beyond that. This platform represents a transition from simple money transfers to a financial ecosystem where Africans globally can bank, make payments, invest, protect their families, and build long-term wealth seamlessly,” Mr Rao further said.
It was learned that through this coordinated ecosystem, diaspora customers can access financial solutions across multiple sectors through a single trusted platform, enabling them to manage their financial lives and family commitments across borders with ease and transparency.
Also speaking, the Head of Marketing and Corporate Communications for UBA, Ms Alero Ladipo, noted that, “The modern African is a global citizen, mobile, ambitious, and deeply connected to home. Whether living in Africa, Europe, the Americas, or the Middle East, there must be a structured and secure financial connection back home. This platform ensures that Africans everywhere can remain economically connected to the continent with confidence and transparency.”
Partners within the ecosystem highlighted growing demand among diaspora Africans for structured investment opportunities, secure property ownership, insurance protection, and long-term financial planning.
United Capital showcased globally accessible investment products designed to deliver professionally managed and transparent wealth creation opportunities.
Afriland Properties emphasised structured and well-governed real estate investment pathways for diaspora clients.
Heirs Insurance highlighted protection solutions for life and assets, while Avon Healthcare Limited demonstrated healthcare access and insurance solutions for families across borders.
Africa Prudential and UBA Pension reinforced digital investment management and long-term pension savings solutions designed to support diaspora participation in African capital markets.
They all underscored a shared commitment to providing diaspora Africans with credible, transparent, and professionally managed financial pathways.
By Aduragbemi Omiyale
A new Gift Card feature has been added to the digital lifestyle platform of Polaris Bank Limited, known as VULTe.
The gift card catalogue includes leading brands and platforms such as Amazon, SureGift, Visa and MasterCard Prepaid Cards, iTunes and Apple, Google Play, Steam, Razer Gold, Netflix, Spotify, Starbucks, and PaySafeCard, covering everything from physical goods and digital content to subscriptions, gaming, and everyday essentials.
This feature allows for a faster and smarter way for users to send love, appreciation, and rewards across borders, enabling customers to deliver global brand gift cards to family and friends anywhere in the world in seconds.
Designed for speed, security, and everyday relevance, the feature allows users to choose from a wide range of international and local brands spanning groceries, beauty and wellness, fashion, electronics, entertainment, gaming, and lifestyle services, all seamlessly accessible on VULTe.
Whether it is paying for a Netflix subscription in London, sending Spotify Premium to a friend in Accra, gifting a Starbucks coffee in New York, or helping a loved one shop at Amazon or Shoprite, VULTe’s Gift Card feature transforms digital transfers into meaningful real-world experiences, powered by Polaris Bank’s secure digital infrastructure.
Users log in to VULTe, select Lifestyle, choose Gift Card, pick a preferred brand, enter the amount and recipient’s email, confirm the transaction, and authorise with their PIN. The gift card is delivered instantly, removing shipping delays, currency barriers, and geographic limitations.
With this feature on VULTe, Polaris Bank reinforces its commitment to digital innovation and lifestyle banking, positioning VULTe as a bridge between financial services and everyday global experiences, enabling customers to turn simple moments into meaningful connections delivered instantly, securely, and without borders.
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