We will pay N6bn interest-free loans until 2019 – Jaiz M


Managing Director of Jaiz Bank Plc Hasan Usman said that the bank intends to begin paying 20 million dollars. US (about N6.1 billion) interest-free loan to operators in the small and medium-sized enterprises sector until 2019.

Speaking to journalists about the planned payments, Usman said that the object worth 20 million dollars. The United States was provided by the Islamic Corporation for the Development of the Private Sector (IBC), a subdivision of the Islamic Development Bank (IDB).

The agreement, signed between Jaiz Bank and ICD in March of this year, was intended to finance small and medium-sized enterprises (SMEs) in the country. The funding line will cover industries such as industry, communications, technology, health, manufacturing, agriculture and others.

"We believe that before the end of this year we would have done, if not all payments of $ 20 million, but a significant part would have been achieved before the end of this year."

He said that the bank has embarked on a five-year strategic plan to provide it with better services for its customers.

For example, it can be said that the bank increased its visibility in Lagos, having opened more branches, adding that it will be extended to other regions of the country.

"We have a balance sheet that grows by 20 percent year on year, and our branch network has increased from 27 to 32, and we hope to increase it to 40 branches by the end of the year."

As for the financing of agriculture, he said that the Central Bank of Nigeria considered the structure of the scheme of commercial agricultural lending to take into account the structure of the bank's financing.

"The central bank and the federal government have tried to secure financing for farmers. To solve these problems, they came up with an anchor scheme for the borrower and a similar scheme. "

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