In a bid to enhance financial inclusion in the country, newly-licensed bank, Taj bank has partnered with a fintech company, Smart Save Integrated Technologies Limited. The partnership was announced by the founder and Chief Operating Officer of Taj Bank, Hamid Joda.
Joda said that the partnership would help develop strategies to enhance financial inclusion among the low-income earners in society. According to him, the bank had identified ways to foster financial inclusion especially in the northern part of the country.
He further expressed optimism that the partnership would provide customers from all walks of life the opportunity to be on board, so as to benefit from available financial services.
Joda stated that the deal would feature a way in which people could save their money from their little earnings for a target. He added that the company would embark on a comprehensive awareness campaign, to ensure that, members of the public benefited from the financial opportunities provided by the partnership.
Why this matters: This is no doubt an important partnership as financial inclusion is important in our society. The need for access to financial services cannot be overemphasized as it enables businesses to expand, creating jobs and reducing inequality.
The co-founder and Chief Executive Officer, Smart Save integrates Technologies Limited, Jamilu Abdussalam also spoke on the partnership. He said that the platform worked in form of piggy-bank, also known as ASUSU or ESUSU in Hausa and Yoruba languages.
Abdussalam said that all funds will be deposited with a commercial bank while all transactions will be processed and secured by Paystack, a Central Bank of Nigeria (CBN) licensed payment processing company on behalf of Saveme.ng.
What you should know: Taj bank was licensed as a non-interest bank by the Central Bank of Nigeria alongside two other banks in July 2019. Taj bank limited is the second full-fledged Islamic bank in Nigeria after JAIZ bank which was granted license in November 2011.