TAJBank Celebrates 5 Years of Ethical Banking, Honors Staff and Customers

The Journey So Far

TAJBank received its banking license from the Central Bank of Nigeria on July 3, 2019, and began operations on December 2, 2019, with branches in Abuja and Kano. Since then, it has expanded its branch and ATM networks across the country while attracting a growing customer base. Offering a wide range of products—including savings, current, and investment accounts, as well as financing options—the bank also leads in digital banking with a robust mobile app and online platform.

Beyond its financial services, TAJBank prioritizes social responsibility through partnerships supporting education, healthcare, and community development initiatives. These efforts underscore its mission to make a positive impact on society while maintaining ethical business practices.

CEO’s Remarks

At the anniversary event, Mr. Hamid Joda, Founder and CEO of TAJBank, lauded the contributions of customers and employees to the bank’s rapid growth. “Our only interest is in the customers,” Joda emphasized, highlighting the role of technology in simplifying banking processes and delivering innovative solutions tailored to customers’ needs.

Future Aspirations

Co-Founder and Executive Director, Mr. Sherif Idi, announced TAJBank’s ambitious goal to rank among Nigeria’s top 20 banks by 2029. He reiterated the bank’s commitment to investing in human capital, describing employees as TAJBank’s greatest asset.

Leadership Reflections

Alhaji Tata S. Umar, a Director on the bank’s board, reflected on TAJBank’s transformation from a startup to a nationwide leader. He credited the achievement to strong governance and a visionary management team, stating, “Innovation and sound leadership have propelled us to national prominence in just five years.”

Anniversary Highlights

The celebration featured awards for long-serving staff and loyal stakeholders, acknowledging their dedication as a cornerstone of TAJBank’s success.

As it moves into its sixth year, TAJBank remains steadfast in its mission to redefine banking in Nigeria, staying true to its ethical roots and leveraging technology to enhance customer experiences.

Non-interest financial institutions have emerged as transformative forces in the global financial ecosystem over the past five years. Rooted in ethical principles, these institutions have provided inclusive financial services that align with faith-based and ethical investment philosophies, fostering financial stability, sustainable development, and poverty alleviation across diverse markets.

Global Impact Over the Past Five Years

Globally, non-interest financial institutions have grown significantly, reaching an estimated $3 trillion in assets under management as of 2024. This growth has been fueled by the increasing appeal of ethical and sustainable finance, particularly in regions such as the Middle East, Southeast Asia, and Europe. These institutions have catalyzed economic growth by financing critical sectors, including renewable energy, infrastructure, healthcare, and education, all while adhering to principles that prohibit exploitative practices and promote shared prosperity.

Nigeria’s Unique Contribution and Growth

In Nigeria, the rise of non-interest financial institutions has been pivotal in promoting financial inclusion and ethical banking practices. Institutions like TAJBank have demonstrated the sector’s potential by providing innovative, customer-focused services that align with Nigeria’s socio-economic dynamics. Over the last five years, non-interest financial institutions have played a significant role in empowering small and medium enterprises (SMEs), supporting community development initiatives, and driving sustainable investments in key sectors like agriculture and real estate.

Future Global Value in Five Years

Looking ahead, the global value of non-interest financial institutions is projected to exceed $5 trillion by 2029. This growth will be driven by increasing demand for ethical investment solutions, technological advancements in digital finance, and the alignment of non-interest banking with global sustainability goals, such as the United Nations Sustainable Development Goals (SDGs). As environmental, social, and governance (ESG) principles gain traction, non-interest financial institutions will likely become key players in fostering green financing and social equity worldwide.

Nigeria’s Potential in the Next Five Years

In Nigeria, the next five years hold immense potential for non-interest financial institutions to further deepen financial inclusion, attract foreign investments, and support the government’s economic diversification agenda. By leveraging technology and innovative financing models, these institutions can address critical challenges such as infrastructure deficits, youth unemployment, and climate change resilience.

Non-interest financial institutions, both globally and in Nigeria, are not just financial entities but agents of positive change, reshaping the financial landscape with integrity, sustainability, and shared prosperity at their core. Their value in the next five years will solidify their position as a cornerstone of ethical finance worldwide.

Corporate Address:

TAJBank Limited is located at Plot 72 Ahmadu Bello Way, Central Business District, Abuja, Nigeria.