Jaiz Bank To Begin Forex Transaction By September

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By Adeola Ayinde

Nigeria’s first full-fledged non-interest bank (Islamic bank), Jaiz Bank Plc said it will begin to process foreign exchange transactions for Bureau de Change(BDC) operators from September 2013.

This will enable Jaiz process forex transactions for eligible bureau de change operators at the Central Bank of Nigeria (CBN).

Jaiz Bank began full operations in January, 2012 with three branches after obtaining a regional operating licence to operate as a non-interest bank from the Central Bank of Nigeria on November 11, 2011. It has expanded its network of branches to 10Jaiz Bank Plc1

The bank has since January 2012, grown its capital base from N5bn ($31m) to about N10bn ($62.1m).

According to a statement signed by Idris Salihu, the Head, Corporate Communications Department of the bank the growth has strengthened the bank’s resolve to apply for a National Banking licence from the Central Bank of Nigeria. On acquiring the license, Jaiz will be able to operate in all the states of the federation.

The statement also announced that the bank had commenced over the counter transactions of PTA and BTA sales at all its branches. Jaiz’s branches are in Abuja, Maiduguri, Kastina, Abuja, Kaduna, Kano and Gombe.

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