To create a more functional digital channel and support the next phase of growth, Jaiz Bank has disclosed that it is currently working with fintechs to strengthen and expand its digital channels.
According to Jaiz Bank Managing Director, Hassan Usman, with the bank’s yearly growth rate of 40 percent and balance sheet of N300 billion at the end of 2021 financial year, the bank is poised to consolidate and create more resilient digital platforms.
Speaking at a media parley in Lagos at the weekend, Usman said the bank is investing heavily in technology, in addition to the 45 operational branches located across the six geopolitical zones to accelerate growth and enhance engagement with stakeholders.
He pointed out that the bank is doing everything within its powers to spread its branches across the continent and unburden more people into the non-interest-banking network.
Usman disclosed that the bank is also making strategic efforts to upscale its reach in existing and new markets across sub-Saharan Africa, stating that the bank targets to become one of the top three in sub-Saharan Africa in the next five year from its current sixth position.
He said: “We want to remain on top of the chart in the non-interest banking sector in Africa. We want to be a leader in sub-Saharan Africa. We are adopting strategies to get to other sub Saharan African countries. We are about number six in the entire region, we want to move to the top three in the next five years.”
On the Small and Medium Enterprises (SMEs) space, Usman said the bank has continued to provide support to small businesses in the areas of provision of working capital and funding business growth and expansion, noting that 20 to 25 per cent of its portfolio is made up of SMEs.
He also pointed out that the bank is working assiduously to accelerate provision of funds to the women group, as well as support in financing the infrastructure needs of the country.
“Small businesses are a strong focus for our bank. This is the area where we can make strong contributions for empowerment. Since 2017, we have been growing the sector. We provide equity for women to trade; we have also invested heavily in technology. We have all channels that conventional banks use,” he said.
