Interbank Operations Amongst Non-Interest Banks Will Improve The Alternative Finance Market


Sunday, February 16, 2020 / 02.00PM / Bukola Akinyele for WebTV / Header Image Credit: WebTV

Interbank Operations amongst Non-Interest Banks (NIBs) will improve the activities of the alternative finance market in Nigeria.

The MD/CEO of TAJ Bank Mr. Norfadelizan Abdul Rahman said this in an interview on the WebTV Islamic Finance Weekly programme.

Speaking from the sidelines of the Sterling Bank-supported Non-Interest Finance Executive forum, the TAJ Bank MD described it as a welcome development for the industry in the country.

Mr. Abdul Rahman believed that this would increase activities in the alternative finance market and strengthen the ecosystem that covers non-interest banks, takaful insurance, asset management and other parts of the market.

He believed collaboration is key to NIB growth and was happy with the partnership between TAJ, Jaiz Bank, Sterling Bank Finance and Sun Trust Bank, to promote a vibrant market that could support domestic economic growth.

According to him, "It is a fantastic effort not just between Jaiz Bank and TAJ Bank but also for the other financial institutions which are in the alternative non-interest finance market. The interbank operations will start with the NIB Market which will resonate with non-interest finance institutions such as Takaful, Asset Management firms, Investment Banks and others".

On Nigeria's quest to become the preferred destination for attracting global non-interest finance, the TAJ Bank MD called for an enabling environment for more non-interest banks to emerge and also a level playing field between conventional banks and NIBs.

In the area of financial inclusion, he made a strong case for the design of suitable products and channels, which will spread financial services coverage to the unbanked population especially in the rural areas.

He said TAJ bank is leveraging the electronic channels, to drive digital financial services to support Nigeria's 80% financial inclusion target.

Speaking further, he said TAJ bank is exploring a robust partnership with fintech firms, to take advantage of the developments in the fourth industrial revolution (4IR) and grow its business and operations.

The Central Bank of Nigeria (CBN) in 2019 licensed TAJ as the second non-interest bank in the country, joining Jaiz bank.

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