A credit facility worth $5 million has been granted to a non-interest bank in Nigeria, TAJBank by the African Export-Import Bank (Afreximbank).
Recall that earlier this month, both financial institutions signed a deal to collaborate and this cumulated to the latest development, the approval of the multi-million dollar loan.
The credit facility will facilitate the partnership between TAJBank, which recently launched its fourth branch in Sokoto State, and Afreximbank with regards to funding of transactions, which will involve the provision of short and long-term liabilities for trade related projects in Nigeria. The credit facility will also support critical imports and maintain foreign currency trade flows.
The loan will also enable the bank to maximize its focus on and support its customers in various sectors by providing them with export finance.
According to the Chief Operating Officer/Founder of TAJBank, Mr Hamid Joda, “This facility grant is a testament to the trust and confidence reposed in TAJBank.”
TAJBank, Nigeria’s second non-interest lender granted by the Central Bank of Nigeria (CBN) in July 2019 as a regional bank, offers an exciting array of products and services that span private banking, retail banking, business banking, development finance and the public sector. It officially commenced banking operations in December 2019 and has since grown and won the hearts of its customers because of its quality service delivery backed by its core values of trust and justice, customer centric, excellence, determination, and innovation.
The financial institution has its head office in Abuja and branches at the National Assembly, Kano and Sokoto with major plans to expand across the country.
For its part, Afreximbank, a pan-African multilateral trade finance institution created in 1993 under the auspices of the African Development Bank (AfDB), has the mandate to finance and promote intra- and extra-African trade using three broad services; credit (trade finance and project finance), risk bearing (guarantees and credit insurance) and trade information and advisory services.
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