By Adedapo Adesanya
Pioneering non-interest bank in Nigeria, Jaiz Bank Plc, has resumed the sale of foreign exchange (forex) to Small and Middle Scale Enterprises (SMEs) in the country.
The bank made the disclosure in a statement, saying the step was a part of its efforts to cushion small businesses’ challenges amplified by the rampaging COVID-19 pandemic and ultimately boost the economy that has a taken a hit as a result.
The bank said that the foreign exchange was also available to parents to pay their children’s school fees and medical bills.
Other areas include the resumption of forex sales will cover include – Personal Travel Allowances (PTA) and Business Travel Allowances (BTA) amongst others.
According to the bank, SMEs importers can get up to $20,000 per quarter.
It, however, noted that items of importation must not fall under those prohibited, as directed by the Central Bank of Nigeria (CBN).
The bank stated that, “While the pandemic is being fought with lockdown and economies are opening up, we are committed to providing services that would encourage small and medium sized businesses because we strongly believe they are the fulcrum for economic growth and development.”
Jaiz Bank Plc, is a bank in Nigeria operating under Islamic banking principles and is a non-interest bank. It is the first non-interest bank established in Nigeria and is headquartered in Abuja.
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