Jaiz Partners Teasy Mobile Money for growth

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Nigerian Islamic bank, Jaiz Bank, has partnered Teasy Mobile Money to allow customers access to financial services using their mobile devices to extend its reach to citizens, who lack conventional banking services due to its high cost, thus increasing financial inclusions in West Africa’s largest economy.

According to Hassan Usman, the bank’s acting MD, the partnership with the mobile service. The agreement has been given the go ahead by the Central Bank of Nigeria (CBN) and would prove mutually beneficial to all parties involved.

Musa Ali Baba, the MD of Teasy International described the agreement as mutually beneficial. “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 partners will leverage on each other’s strategic know-how to provide customers an efficient platform to perform banking activities on their handsets. “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.” Musa Ali said further.

Jaiz International Bank is the first non-interest bank in Nigeria – will be able to provide Teasy Mobile’s customer services such as mobile payments and deposit facilities, while the mobile payment service will use Jaiz Bank as its service points.

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