Jaiz Bank says Nigeria’s ongoing plans to deepen broadband services is of interest to the country’s first Islamic non-interest commercial bank.
Because banks now rely on broadband Internet to provide efficient and effective services through seamless connectivity for provision of intra and inter-banking services, efforts by the Nigerian telecoms regulator to deepen access to broadband connectivity to businesses and individuals have been of tremendous benefit to Jaiz Bank, Hassan Usman, CEO of the bank, says during a courtesy visit to the Nigerian Communications Commission (NCC) in Abuja.
Usman says that while Nigeria has not reached the promised land of telecoms regulation, the “NCC deserves commendation for its efforts in consistently ensuring regulatory efforts that have now made telecoms services more affordable to majority of Nigerians, a reality that can easily be benchmarked against what is happening in other countries.”
The Jaiz Bank CEO also notes that the regulator must be commended because ICT has become crucial to the development of every sector of the economy with positive multiplier effects in the life of every business and Nigerian.
Speaking about the bank’ operations, Usman said it remains the first Islamic commercial bank established by the Federal Government to operate on a non-interest business model, which makes it different from conventional banks that charge interest in every area of its transaction.
Yakubu Gontor, Director, Finance Services, NCC, who received the bank’s team on behalf of Prof. Umar Danbatta, the Executive Vice Chairman of NCC, thanked the Bank’s Management for its recognition of the regulatory role of the NCC in deepening access to broadband, which has enhanced promotion of digital financial inclusion in the country.
Gontor says that NCC like other Ministries, Departments and Agencies (MDAs), now remits directly to the Treasury Single Account (TSA) domiciled with the Central Bank of Nigeria (CBN), it is paid from the TSA by the CBN as directed by the Federal Government.