Non-interest banks in Nigeria are Jaiz Bank, Lotus Bank, TAJ Bank and the alternative Bank.

The warning comes at a time when non-interest financial institutions are increasingly relying on digital platforms, mobile banking systems, fintech integrations, cloud infrastructure, and automated financial services to drive growth and reach underserved customers.

According to reports from THISDAY, the apex bank expressed concerns that while the sector continues to record growth, many institutions remain exposed to rising operational and technology-related risks that could threaten stability if not properly managed.

The development reflects a broader shift occurring across the financial services industry, where banks and financial institutions are becoming more technology-driven, but also more vulnerable to cyberattacks, data breaches, system failures, insider abuse, and weak digital governance structures.

Industry analysts note that non-interest finance institutions, many of which are expanding digital services aggressively, now face the same cybersecurity and operational risks confronting conventional banks globally.

The concerns are also emerging amid growing global attention on financial sector cyber resilience.

The International Monetary Fund recently warned that advances in artificial intelligence could significantly increase cyber threats facing financial institutions worldwide, particularly through faster discovery and exploitation of software vulnerabilities.

Technology experts say Nigeria’s non-interest banking ecosystem is becoming increasingly dependent on:

• digital onboarding systems,
• online payment infrastructure,
• API-driven fintech partnerships,
• cloud-based services,
• mobile banking applications,
• and data analytics platforms.

While these technologies improve financial inclusion and operational efficiency, they also expand the attack surface for cybercriminals.

The CBN’s concerns highlight the growing importance of:

• stronger cybersecurity frameworks,
• board-level technology governance,
• data protection compliance,
• digital risk management,
• and improved IT oversight within financial institutions.

Experts also warn that governance failures in digital finance environments can create reputational damage, customer distrust, regulatory penalties, and operational disruptions capable of affecting broader financial stability.

The warning signals that regulators are increasingly paying attention not only to capital adequacy and liquidity levels, but also to the technological resilience of financial institutions as Nigeria’s banking ecosystem becomes more digitally interconnected.

Analysts believe the next phase of banking regulation in Nigeria will likely place stronger emphasis on cyber resilience, AI governance, operational technology risk management, and secure digital transformation across both conventional and non-interest financial institutions.

The post CBN Raises Alarm over Technology Risks Facing Non-Interest Banks appeared first on Tech | Business | Economy.

The bank disclosed the appointment in a corporate filing submitted to the Nigerian Exchange Group (NGX) on Monday.

According to the filing, the appointment received the required regulatory approval from the Central Bank of Nigeria(CBN).

The bank is working to strengthen its leadership team and support expansion within Nigeria’s growing non-interest banking sector.

Ismail brings more than 25 years of experience in Nigeria’s banking industry. Prior to joining the board, she held several senior management roles across the sector, building expertise in corporate finance, treasury management and retail banking operations.

The board said her extensive knowledge of banking operations and risk management will add significant value to the institution as it continues to scale its services.

Her professional career has largely focused on operational efficiency, financial strategy and risk oversight, key pillars for institutions operating under the non-interest banking model.

In the official announcement, the board stated:

“The Board of Directors of Jaiz Bank Plc is pleased to announce the appointment of Omolara Muinat Ismail as an Executive Director of the Bank.”

The statement added that the appointment followed the receipt of the necessary regulatory approval from the Central Bank of Nigeria.

“Ismail brings over two and a half decades of experience across critical areas of banking and financial services. Her track record in strategic planning and execution will support the bank’s long-term growth and sustainability objectives.”

The leadership addition comes as Jaiz Bank enhances its focus on strengthening its presence in Nigeria’s financial services industry.

A strong executive team could help the bank accelerate product development, improve service delivery and expand its reach within the ethical banking segment.

The appointment also reflects a broader push across Nigeria’s financial sector to promote experienced female professionals into top leadership roles.

Jaiz Bank said the appointment aligns with its commitment to strong corporate governance and long-term value creation for shareholders.

As a pioneer in Sharia-compliant banking in Nigeria, the institution continues to position itself as a key player in the country’s alternative finance ecosystem.

With regulatory approval secured, Ismail is expected to assume her new responsibilities immediately as the bank pursues its growth strategy and operational expansion.

The post Jaiz Bank Appoints Omolara Muinat Ismail as Executive Director appeared first on Tech | Business | Economy.

As commerce increasingly transcends national borders, the demand for seamless, reliable cross-border transactions has intensified.

In response, Verve has launched a deliberate continental expansion under its Destination Campaign, positioning itself not merely as a domestic card scheme, but as a pan-African payments enabler.

With over 100 million cards issued, Verve has achieved significant scale within domestic markets. The next phase focuses on enhancing interoperability across African corridors, with East Africa, particularly Kenya and Uganda, serving as the primary testing ground for this African Expansion Drive.

Vincent Ogbunude, managing director of Verve International, emphasized the strategic importance of African-owned payment infrastructure in facilitating cross-border commerce and reinforcing economic resilience:

“Africa’s economic potential depends on payments infrastructure that is designed for its unique realities. Verve’s expansion into East Africa goes beyond issuing cards, it is about creating a network of payment infrastructure that is secure, reliable, and purpose-built for the continent. By enabling entrepreneurs, SMEs, corporates, and everyday travellers to transact seamlessly across borders, we are ensuring that value remains within African markets, fostering economic integration, and demonstrating that Africa can build world-class financial systems from within.”

The choice of East Africa is highly strategic. The region’s mature digital banking ecosystem, robust regulatory frameworks, and vibrant commercial networks provide an ideal environment to validate cross-border acceptance and infrastructure integration.

Verve’s expansion model leverages a hybrid advantage, combining the reliability and local alignment of a domestic scheme with growing cross-border capabilities.

This approach allows African markets to transact regionally without excessive reliance on external settlement systems.

Significant progress has already been achieved. Key issuing partners, including FCMB, Union Bank, Jaiz Bank, Taj Bank, and Access Bank, have enabled cardholders to use Verve cards confidently beyond Nigeria.

On the acquiring side, partnerships with KCB, Equity Bank and others are embedding acceptance across East Africa’s merchant ecosystem, strengthening the practical infrastructure required for seamless regional payments.

Cherry Eromosele, executive vice president, group marketing and Corporate Communications at Interswitch Group, highlighted the tangible benefits this expansion brings to consumers, businesses, and regional trade:

“Our vision is to contextualise payments for African realities. By extending Verve’s trusted domestic infrastructure into East Africa, we are enabling consumers and businesses to transact across borders with the same convenience and security they enjoy at home. This expansion is not simply about issuing cards; it is about facilitating transactions and exchange of value, supporting regional commerce, and strengthening financial connectivity across the continent.”

Significantly, Verve has extended its reach beyond financial institutions to secure real-world merchant acceptance. Cardholders can now transact seamlessly at Kenya Commercial Bank ATMs and POS, prominent lifestyle and hospitality destinations, including The Carnivore Restaurant, Tamarind Hotels, Tamarind Dhow, Roast by Carnivore, Kengeles, and Social House.

These channels and venues serve as strategic touchpoints within the continent’s business and tourism ecosystems.

By ensuring acceptance in high-traffic, high-visibility locations, Verve transforms payment infrastructure into a seamless, lived experience.

This expansion is not about scale for its own sake, it is about relevance, adaptability, and reinforcing Africa’s internal economic connectivity.

As trade corridors deepen and mobility across the continent grows, interoperable payments are becoming indispensable infrastructure.

Through its East Africa rollout, Verve demonstrates that Africa’s financial future can be powered by solutions designed and built from within for African realities and scaled to meet continental ambitions.

The post Verve with 100 million Cards Issued Targets East Africa Expansion appeared first on Tech | Business | Economy.

According to the bank, the refreshed identity reflects its transformation and bold ambitions, signalling its drive to build an agile, inclusive, future-ready financial institution focused on meeting customers’ needs.

The new colour and logo will become effective from August 19, 2025. The new colours are deep blue, yellow, and grey, representing trust, stability, professionalism, energy, optimism, visibility, balance, and sophistication.

The bank emphasized that this strategic transformation marks a significant milestone in its drive to better serve its customers, accelerate digital innovation, and expand its footprint in the financial services sector, reflecting its renewed commitment to empowering individuals, businesses, and communities.

The unveiling of the new identity follows a solid first half of the year performance, with the bank recording a profit after tax of N14.45 billion, a significant improvement from the N7.62 billion delivered in the same period of 2024. Fee and commission income surged to  N2.44 billion, from N0.90 billion year-on-year, while retained earnings rose to N15.7 billion, reflecting the bank’s capacity to create value for shareholders.

As the new colour and logo is being applied across the bank’s communication materials, digital channels, and customer touchpoints, the bank’s corporate structure and regulatory status remain the same.

The post Jaiz Bank Unveils New Identity, Embraces Inclusive, Future-Ready Focus appeared first on Tech | Business | Economy.

The appointments were disclosed in a statement filed with the Nigerian Exchange and signed by the Company Secretary, Mohammed Shehu.

As revealed in the disclosure, Ahmed Indimi’s appointment took effect on April 14, 2025, while Nike Kolawole’s became effective June 11, 2025.

Ahmed Indimi is a seasoned entrepreneur and business executive in Nigeria’s energy sector. He serves as the Director and Head of Crude Marketing at Oriental Energy Resources, where he oversees commercial operations, crude sales strategy, and fosters client relationships.

Indimi holds a bachelor’s degree in Information Technology and an MBA from the American InterContinental University, Atlanta, after completing his foundational studies at Global International College, Lagos.

Nike Kolawole, on the other hand, is an accomplished finance professional with an extensive career spanning global investment banking and senior executive roles in the oil and gas industry.

Her experience includes tenures at leading international institutions such as Merrill Lynch, Citibank, Goldman Sachs, and Credit Suisse, where she served as Vice President overseeing asset management, credit risk, and Eurobond issuance across global markets.

Jaiz Bank noted that the appointments reflect the bank’s strategy of attracting visionary leaders committed to the growth of ethical finance and inclusive development while adhering to regulatory guidelines.

The bank affirmed its commitment to enhancing its leadership with professionals of distinguished industry experience and a track record of ethical and strategic engagement.

The post Jaiz Bank Appoints Ahmed Indimi, Nike Kolawole to Board appeared first on Tech | Business | Economy.

Contained in the bank’s audited financial statement released on the Nigerian Exchange, the figures reveal significant improvements across key performance indicators.

Gross earnings rose to N82.87 billion, a 75% surge from N47.24 billion in the previous year, while profit before tax doubled to N24.44 billion from N11 billion.

Jaiz Bank’s total assets grew to N1 trillion in 2024, up from N580 billion in 2023. Total liabilities also rose to N1 trillion from N540.82  billion.

Earnings per share increased to N66.38 kobo in 2024, compared to N32.53 kobo in 2023, while retained earnings surged to N15.69 billion, up from N5.41 billion.

The Bank’s net fee and commission income also saw strong growth, rising to N5.47 billion from N2.3 billion, indicating improved revenue from customer-related services.

Following this performance, the Board of Directors has proposed a final dividend of N7.78 kobo per 50 kobo ordinary share, higher than the 0.04 kobo paid in 2023.

The dividend will be paid on the bank’s 44.59 billion issued ordinary shares, subject to applicable withholding tax, to shareholders whose names appear in the register as of the closure date.

Though the release of the audited results came later than expected, the financial statements provide stakeholders a clear picture of the bank’s fiscal health.

The post Jaiz Bank Reports N23.48bn Post-Tax Profit for 2024 appeared first on Tech | Business | Economy.

The senior bank executives were quizzed by EFCC interrogators at the commission’s headquarters, Jabi, Abuja as of 4.55 pm on Tuesday.

The suspended Minister of Humanitarian Affairs, Betta Edu, is currently being held and is undergoing interrogation by the EFCC over N585million scandal.

Also, Halima Shehu, the embattled Co-ordinator and Chief Executive Officer of the National Social Investment Programme Agency (NSIPA) domiciled in the Ministry of Humanitarian Affairs and Poverty Alleviation is being probed by the EFCC over an alleged N44bn fraud.

Confirming the probe of the senior bank executives on Tuesday, an EFCC source revealed that the bank chies are being questioned over the N44.5bn fraud uncovered in the ministry involving Edu and Shehu.

The source said, “The CEOs and MDs of three banks are currently being grilled by our interrogators here at the headquarters.

“They were invited and are being probed in connection with the uncovered N44bn fraud and the N585million involving Halima Shehu and Betta Edu.

“The suspended minister and the coordinator have both made new revelations during their interrogations, and the investigation is still ongoing.”

Edu was suspended by President Bola Tinubu on Monday, over an alleged N585m cash transfer saga.

The suspended minister was invited by the anti-graft agency in compliance with Tinubu’s order that a comprehensive investigation encompassing her activities in the ministry be carried out, a top source in the anti-graft commission told reporters.

Edu’s predecessor, Sadiya Farouq, was queried by EFCC interrogators on Monday, over allegations that she laundered N37.1 billion while serving as a minister in former President Muhammadu Buhari’s cabinet.

Also, Shehu was earlier arrested in connection with an alleged N44billion money laundering and had been mandated to report to the EFCC every day following her release last Wednesday.

The NSIPA Coordinator was arrested and taken into EFCC custody Tuesday night following her suspension.

It was learnt that the N44bn was suspiciously moved from NSIPA’s accounts into private and corporate accounts linked to persons serving as fronts.

Confirming her release from EFCC custody in a telephone interview with our correspondent on Thursday, the spokesperson for the EFCC, Dele Oyewale said Shehu has been mandated to meet with EFCC interrogators every day as the investigation continues.

Oyewale said, “Halima Shehu has been released, but she is still answering to our interrogators, and she has been mandated to meet with investigators every day as the investigation is ongoing.

“Concerning reports on the N44bn and N30bn making the rounds, the commission is still tracing all the suspicious transactions, her agency was under the Ministry of Humanitarian Affairs too.

“There’s a lot of money involved because the Ministry and agencies are focused on interventions. Hence, we can’t put a figure to all of the transactions now because the commission is still tracing the transactions.” (Source: The PUNCH).

As at the time of filling this report, names of the bank MDs were withheld, however, investigations continue to unravel the more details about the EFCC’s investigations.

The post EFCC Grills Three Bank CEOs over N44.5bn Fraud in Humanitarian Ministry appeared first on Tech | Business | Economy.

This development followed the exit of Dr Salisu Sirajo, the Bank’s former MD/CEO who resigned his appointment and proceeded on a terminal leave.

Until his appointment as the Ag. MD/CEO, Hassan was the Executive Director, Operation /CFO of the Bank, whose over 29 years of cognate Banking, Industrial and Academic experiences started as a Lecturer of Accounting and Finance at Bayero University, Kano before joining the Banking/ Finance Industry.

As a shrewd Banker, the new Jaiz Bank Ag. MD/CEO had worked in Securities and Exchange Commission (SEC), former New Africa Merchant Bank Ltd, NAL Merchant Bank (now Sterling Bank), NUB / FINBANK (now part of FCMB) and had a brief stint with Dangote Group as the Financial Controller of Kano Flour Mills.

His banking experience covers Corporate Finance, Banking Operations, Risk Management, Financial Controls and Branch / Regional Banking. Ahmed is a Fellow of the Institute of Chartered Accountants of Nigeria, a Fellow of the Chartered Institute of Taxation of Nigeria and an Associate of the Pension Institute of Nigeria.

He was at various times a Branch Manager in Apapa, Victoria Island and Kaduna locations, and later became a Regional Manager in North Central and Kano II Regions of FINBank.

Hassan has attended local and international courses and workshops; he is an alumnus of Bayero University, Kano and University of Lagos.

A Fellow of the Compliance Institute of Nigeria (FCIN) and a Certified Anti-Money Laundering Specialist (CAMS).

He joined JAIZ Bank Plc. in October 2013 as Head of Financial Control and acting Chief Financial Officer before he was later appointed as the Bank’s Chief Compliance Officer (CCO).

[Source]

The post Jaiz Bank Appoints Ahmed Hassan Acting MD/CEO appeared first on Tech | Business | Economy.

Islamic banking’s influence has grown globally and taken root in Nigeria, particularly after the Central Bank of Nigeria sanctioned the operation of Jaiz Bank in the country.

This unique banking system diverges from conventional practices due to its alignment with Islamic Sharia principles that prohibit interest-based lending.

Here, you will find 10 facts on Islamic banking in Nigeria:

1. Landmark Achievement

 Islamic banking made its debut in Nigeria in 2012 when the Central Bank authorized Jaiz Bank, the nation’s pioneer Islamic bank.

2. Exclusive Providers

As of now, Jaiz Bank, TAJ Bank, and Lotus Bank stand as the sources of Islamic banking in Nigeria.

3. Unconventional Operating Strategy

Islamic banks operate on the principle of equity participation. Rather than collecting interest on loans, they accumulate funds through depositor accounts, channeling them to entrepreneurial ventures.

Borrowers share profits instead of paying interest, adhering to the equity participation system share risks and rewards with entrepreneurs borrowing funds.

4. Diverse Financing Modes

Islamic financing in Nigeria encompasses two main modes:

• Profit and Loss Sharing (PLS) modes such as Musharakah and Mudarabah
• Fixed Return Modes including Murabaha and Leasing (ijarah).

5. Nigeria’s Islamic Banking Landscape

The introduction of Islamic banking has significantly impacted Nigeria’s economic landscape. With the Central Bank’s approval in 2012, Jaiz Bank pioneered this transformative approach, adhering to Sharia principles.

This Economic framework caters to both Muslims and non-Muslims, offering interest-free and ethical solutions. Jaiz Bank’s establishment signaled a departure from conventional banking practices, promoting responsible financial behavior and encouraging ethical investments.

This innovative sector has opened avenues for diverse businesses, stimulating economic growth and providing an alternative financial framework aligned with societal values.

6. Sharia-Compliant Principles

As previously mentioned, the Sharia-compliant tenets of Islamic banking in Nigeria form an integral foundation. These principles, guided by Islamic ethics, strictly forbid predetermined interest rates and prioritize profit-and-loss sharing (PLS) mechanisms.

Embracing these ethical principles, Islamic banking institutions in Nigeria create a financial environment that resonates with the values of the Muslim populace.

By adhering to these Sharia-compliant principles, Islamic banks establish a unique framework that nurtures financial inclusion, ethical practices, and shared prosperity, shaping a progressive financial landscape aligned with both Islamic teachings and societal well-being.

7. Ethical Banking Focus

Islamic banking in Nigeria emphasizes ethical financial practices, catering to the values of the Muslim population.

8. Economic Impact

With over 80 million Muslims in Nigeria, the growth of Islamic banking is projected to stimulate the nation’s economy and possibly reduce loan interest rates.

9. Two Modes of Financing

Islamic banks in Nigeria operate through two modes: the core mode, centered on profit and loss sharing (PLS), and the marginal mode, which doesn’t adhere to PLS principles.

10. Shared Prosperity

This lies at the core of Islamic banking in Nigeria, distinguishing it from conventional financial systems.

The approach encourages equitable distribution and cooperative growth among entrepreneurs, depositors, and the bank. Through adherence to Sharia principles, it promotes ethical financial practices while catering to the values of both Muslim and non-Muslim individuals.

[Featured Image Source]

The post 10 Facts about Islamic Banking in Nigeria appeared first on Tech | Business | Economy.

During a press briefing, Fasanya highlighted the occasion as a commemoration of this year’s World MSME Day, focusing on the theme “Building a Stronger Future Together.”

Fasanya disclosed that SMEDAN currently possesses over N600 million in matching funds, with JAiz Bank contributing an additional N600 million, resulting in a total available fund of N1.2 billion.

He also mentioned that the agency plans to expand its efforts once it receives its allocation for the year.

The initial phase of the scheme began with individuals in the agricultural business, with future expansion planned for other sectors as soon as additional funds become available.

Fasanya explained the involvement of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) due to the inherent risks associated with agri-business.

Fasanya emphasized that the intervention aims to provide credit as a promotional tool to enhance enterprise output, competitiveness, and job creation. Prospective beneficiaries can access loans ranging from N500,000 to N2.5 million.

Addressing the impact of subsidy removal on MSMEs, Fasanya outlined SMEDAN’s efforts to mitigate the effects, including the procurement of state-of-the-art equipment and machines using the Common Facility Center model.

This initiative aims to reduce operating costs and enable MSMEs to compete not only in pricing but also in terms of quality. Currently, Common Facility Centers have been established in Abuja (Garment, Furniture, and Product Packaging), Katsina (Garment), Kaduna, and Nnewi (Automotive Component Production), as well as Ikorodu (Fast-Moving Consumer Goods Packaging).

Furthermore, Fasanya revealed plans to establish the SMEDAN investment company, which will oversee other agency operations in addition to its regular government subvention.

He also expressed anticipation for the operational license from the Central Bank of Nigeria, which will facilitate the launch of the SMEDAN microfinance bank, providing easier access to credit for MSMEs.

Fasanya mentioned that another MSME survey is scheduled for the following year, following the previous one conducted in 2020 during the COVID-19 pandemic.

Additionally, he shared that an MSME competitiveness survey has recently concluded, with SMEDAN soon to release the corresponding statistics

The post SMEDAN, JAiz Bank to Disburse N1.2b Matching Funds to MSMEs appeared first on Tech | Business | Economy.