Banking

Jaiz Bank Designs Banking Products to Suit MSMEs, Investors, Individuals

Published

6 years ago

22/11/2019

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.

Banking

Secure IT, StockMed, 18 Others Make Wema Bank Hackaholics 6.0 Top 20 List

Published

4 days ago

18/12/2025

Modupe Gbadeyanka

By Modupe Gbadeyanka

The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.

The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.

The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.

They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.

They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.

The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.

In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.

The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.

After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.

“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.

“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.

“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.

“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.

“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.

Banking

Customs to Penalise Banks for Delayed Revenue Remittance

Published

4 days ago

18/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.

This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.

“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.

“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.

“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”

Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.

He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.

“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.

“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.

Banking

First Bank Deputy MD Sells Off 11.8m First Holdco Shares Worth N366.9m

Published

4 days ago

18/12/2025

Aduragbemi Omiyale

By Aduragbemi Omiyale

The deputy managing director of First Bank of Nigeria (FBN) Limited, Mr Ini Ebong, has offloaded some shares of FBN Holdings Plc, the parent firm of the banking institution.

A regulatory notice from the Nigerian Exchange (NGX) Limited confirmed the development on Thursday.

It was disclosed that the transaction occurred on Friday, December 12, 2025, on the floor of the stock exchange.

The sale involved about 11.8 million shares, precisely 11,783,333 units traded at N31.14 per share, amounting to about N366.9 million.

Mr Ebong, who studied Architecture from University of Ife and obtained Bachelor and Master of Science degrees, became the DMD of First Bank in June 2024. Prior to this appointment, he was Executive Director, Treasury and International Banking since January 2022.

He was previously the Group Executive, Treasury and International Banking, a position he held since 2016 after serving as the bank’s Treasurer from 2011 to 2016.

Before joining First Bank, he was the Head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Limited, the Nigerian registered subsidiary of Renaissance Capital. He also worked with Citigroup for 14 years as Country Treasurer and Sales and Trading Business Head.

He has a passion for market development and has worked actively to drive change and internationalisation of the Nigerian financial markets: foreign exchange, fixed income and securities.

He has worked closely with regulatory bodies such as the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) in assisting with the development of fresh monetary and foreign exchange policies, to broaden and deepen markets and open them up to international practices.

At various times he has facilitated and delivered courses and seminars on a wide variety of subjects covering Money Markets, Securities and Foreign exchange trading and market risk management subjects to regulators, corporate customers, banks and market participants.