By Oyewale Oyelola
TAJ Bank, a Nigeria-based financial institution operating under Islamic banking principles, is proving its mettle in the industry through giant strides.
As a non-interest financial institution with license to operate in north east and north west of the country, the Bank has continued to upscale its operations with products and services that aligns with the needs of customers across segments thereby enhancing their experience.
TAJ Bank offers wide range of services including retail, public sector, Small and Medium Enterprises (SMEs) and corporate banking. In less than one year of commencing operations, it has developed to become a shining star and indeed a key player in the Nigerian financial industry that gladly provide credit facilities and empowers SMEs with the view of boosting financial inclusion and growing businesses, especially, at the grassroot. This strategic move by the Bank has also gone a long way towards promoting financial Inclusion as a large number of Nigerians embrace it.
TAJ Bank’s management team, led by Hamid Joda, (Founder/Chief Operating Officer), a cerebral financial expert of impeccable character and track record in the industry, has clearly set goal of always putting customers first in line with its slogan of “Our Only Interest is You”.
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The bank has spread to nook and cranny of their coverage area within one year of commencing operation by engaging over 2000 agents who are delivering excellent services to customers at their comfort zone. Yes, comfort zone! TAJ Bank having identified factors hindering financial inclusion at grassroots, especially in northern Nigeria introduces bank errand concept to reduce stress and make banking pleasurable for customers.
The bank is currently serving thousands of people at the grassroots with excellent customer service and eliminating bottlenecks for financial inclusion in the rural areas.
For instance, the Cost Plus (Murabahah) SME Finance has endeared TAJ Bank to rural dwellers as they feel it’s special banking package designed to energize and grow their businesses.
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Also, the Cost Plus is designed for Small and medium-sized enterprises (SMEs) such as traders, farmers, artisans and others through creation of cooperative clusters in order to get finance for their working capital needs.
Each cluster cooperative cross guarantees another and ensuring good performance across the board.
Furthermore, the non-interest financial institution also directly buys the goods (or assets) required, and sells them to the SMEs using the cost plus profit model, on deferred payment terms. The business owner can choose to repay in installments or as a lump sum.
No wonder, Governor Aminu Tambuwal of Sokoto gladly welcomes TAJBank to the state and also opened account with them. The bank expanding train is moving to Gombe State and the state government led by Governor Inuwa Yahaya are sensitizing their citizens on multifaceted benefits of banking with TAJBank.
Without doubt, TAJ Bank has been a blessing to Nigeria’s economy and its citizenry as the financial institution is complementing governments effort to enhance financial inclusion at the grassroots, energize SMEs, support Agripreneurs and reduce poverty as well as empowering new sets of job creators in the country.