Jaiz Bank Plc
“Can Nigeria's pioneer non-interest bank scale Shariah-compliant finance into the country's mainstream retail and SME market?”
Founded2003
HQAbuja, Federal Capital Territory, Nigeria
IndustryBank / National
The story
Jaiz Bank was incorporated in 2003 as an investment holding company to set up non-interest financial institutions, but did not begin operations until 2012 when it launched as Nigeria's first fully licensed non-interest (Islamic) bank. The bank has since expanded nationwide from its Abuja base with a full suite of Shariah-compliant retail, SME and corporate finance products (Murabaha, Ijara, Istisna, letters of credit). Its embedded-finance footprint is minimal — it operates as a traditional chartered bank and relies on Nigerian payment rails (e.g. Paystack) for online collections rather than deep BaaS partnerships.
Last 12 months
—
Product timeline
2003
Incorporated as a public limited company with the aim of establishing non-interest financial institutions.· founding
2012
Commenced operations as Nigeria's pioneer Non-Interest (Islamic) Bank.· banking
2020
Won Most Improved Islamic Bank award from GIFA.· award
2021
Won Most Improved Islamic Bank award from GIFA for a second time.· award
Regulated entities
1
regulatory licence held by Jaiz Bank Plc
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
3 layers disclosed in Jaiz Bank Plc’s embedded-finance stack
Payments / PSP
Banking / BaaS
in the full report
Lending
in the full report
Accounting gap: none
7 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.