Jaiz Bank Plc, the first full-fledged non-interest bank in Nigeria has entered into a partnership with Teasy Mobile Money (a CBN-licensed Mobile Payment Operator) to provide financial services to Nigerians, through Mobile Phone.
This is part of their efforts to implement financial services inclusion of the Central Bank of Nigeria (CBN) to everyone in the society.
Part of CBN’s 2020 Financial System goals is the implementation of the Cashless Policy and Financial Inclusion Strategy, aimed at ensuring that Nigerians get access to financial services in order to grow their financial capacity and that of the economy as a whole.
Jaiz Bank was licensed by the CBN to provide financial services to all based on ethical principles of fairness, profit sharing, transparency and objectivity and other tenets of Islamic banking.
Speaking during the signing ceremony, the Acting Managing Director of Jaiz, Hassan Usman highlighted the importance of the collaboration as integral to reaching a critical group in Nigeria that has been excluded from the banking system due to the high cost associated with accessing the service. The strategic partnership between the two companies is expected to drive financial inclusion in Nigeria even further.
By integrating with the Teasy Mobile Money platform, Jaiz Bank will provide its customers access to its alternative banking services, straight from their mobile phones. Jaiz bank will collaborate with Teasy Mobile Money in developing programs, projects and other activities that are targeted at providing a robust mobile payment and deposit platform capable of delivering end-to-end mobile banking solutions. The service will allow customers to have access to their money beyond banking hours, anywhere. Additionally, Teasy Mobile Money customers will now be able to use Jaiz Bank offices nationwide as Service Points.
Speaking on the partnership, the Managing Director of Teasy International Musa Ali Baba said,” We see this as a “win, win, WIN” arrangement. Through this collaboration, Jaiz wins, Teasy wins but, most importantly the customers are the big winners. Both companies have been licensed by the CBN to address identified gaps in the financial system. In this instance, we have identified areas where our respective gaps overlap and shall now drive to close them.”
With this innovative product from Teasy Mobile Money, Jaiz Bank customers will enjoy the convenience of making financial transactions at anytime from the comfort of their homes, places of work, or even whilst travelling.
