TAJBank Ltd.
“Can a Shariah-compliant non-interest bank scale to become a leading ethical financial institution in Africa?”
Founded2019
HQAbuja, Nigeria
Total raised$26.5M
Latest roundDebt Financing, 2025-10-01 ($13.6M)
IndustryBank / National
The story
TAJBank is a Nigerian non-interest (Islamic / ethical) bank founded in 2019, licensed by the Central Bank of Nigeria. It operates on Shariah-compliant principles — Murabaha (cost-plus), Ijarah (lease), Istisna (manufacture) financing — rather than interest-based lending. It is a chartered bank, not a fintech or BaaS platform: it self-operates its banking infrastructure and is regulated in Nigeria only.
Last 12 months
Product timeline
2019
Founded as Nigeria's 2nd Non-Interest (Islamic) Bank, licensed by the Central Bank of Nigeria· banking
2020
Launched retail and business banking with Shariah-compliant products (Murabaha, Ijarah, Istisna)· lending
2024
Launched TAJWay digital banking mobile app· banking
2025
Raised $26.5M debt financing to scale operations· banking
Regulated entities
1
regulatory licence held by TAJBank Ltd.
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in TAJBank Ltd.’s embedded-finance stack
Banking / BaaS
TAJBank Limited (in-house)
Card issuing
in the full report
Card network
in the full report
Lending
in the full report
Accounting gap: none
8 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.