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CBN Issues National Licence To TAJBANK

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…as lender revs up financial inclusion drive

By Mariam Sanni and Joel Ajayi

TAJBank Limited, Nigeria’s leading non-interest bank, has secured the approval for nationwide banking operations from the Central Bank of Nigeria (CBN).

The license is coming on the heels of several awards bagged by the bank in the past two years of operations in recognition of its outstanding banking services, including three International Standards Organization (ISO) certifications for its commitment to customer safety assurance, service excellence and business operations resilience prioritization.

Speaking on the national licence issued to the bank by the Apex bank during a media chat on Wednesday in Abuja, the bank’s Managing Director/CEO, Mr. Hamid Joda, described it “as another feat achieved by the Bank to leverage on our cutting-edge and impressive products and service delivery scorecards and by so doing, make TAJBank the preferred choice in non-interest banking operations at the grassroots in the country.

“We want to thank the regulatory authorities for issuing a national license as well as the growing number of our customers who are yearning to see us give them the best in non-interest banking services, especially at the grassroots and throughout the country.

“I want to assure them that with the latest approval by the authorities, we will deploy all human and technological resources to their doorsteps and give real meaning to the National Financial Inclusion Strategy (NFIS) by bringing world class non-interest banking products and services to their doorsteps for growth and prosperity”, Joda assured.

Attributing TAJBank’s impressive performances over the past two years to innovativeness in key areas of customer-centric service delivery powered by world-class technologies and solutions, human resource capacity building and shareholders and customers’ growing confidence, the CEO said the national license would help in growing the bank’s agency network to 25,000 by 2025, thereby reducing the financial exclusion rate.

It would be recalled that TAJBank’s management had last month unveiled plans to launch Nigeria’s first private sector Sukuk offering under a N100 billion programme under a Mudarabah structure, thereby marking a historic shift from government-dominated Sukuk offerings to a fully private sector-oriented offering in the Nigerian debt markets.

Commenting on the national licence issuance to the non-interest lender, the bank’s Executive Director, Mr. Sherif Idi enthused: “We are very excited to achieve this feat, especially when the potential benefits to our customers and the nation’s economy cannot be quantified in socio-economic terms. For us, it is a call for more services to millions of Nigerians, who are desirous of having access to credit without pains. Let me say it loud, we shall not disappoint them on this expectation.”

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FAAC MEETING: FG, STATES AND LGCs SHARE N1,152.756 TRILLION FROM A GROSS TOTAL OF N2,326.149 TRILLION FOR THE MONTH OF FEBRUARY, 2024

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The Federation Account Allocation Committee (FAAC), at its February 2024 meeting chaired by the Honourable Minister of Finance and  Co-ordinating Minister of the Economy, Wale Edun, shared a total sum of N1,152.756 trillion to the three tiers of government as Federation Allocation for the month of February, 2024 from a gross total of N2,326.149 trillion.


In a statement Signed by Director, Press and Public Relations of FAAC Mohammed Manga  in Abuja revealed that from the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED), the Federal Government received N352.409 Billion, the States received N366.950 Billion, the Local Government Councils got N267.153 Billion, while the Oil Producing States received N166.244 Billion as Derivation, (13% of Mineral Revenue).


The sum of N66.456 Billion was given for the cost of collection, N856.937 Billion allocated for Transfers Intervention and Refunds, while the sum of N250.000 Million was saved.


The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for February 2024, was N460.487 Billion, which was an increase from the N420.733 Billion distributed in the preceding month, resulting in an increase of N39.755 Billion.


From that amount, the sum of N18.420 Billion was allocated for the cost of collection and the sum of N13.262 Billion given for Transfers, Intervention and Refunds. The remaining sum of N428.806 Billion was distributed  to the three tiers of government, of which the Federal Government got N64.321 Billion, the States received N214.403 Billion, Local Government Councils got N150.082 Billion.


Accordingly, the Gross Statutory Revenue of N1,192.428 Billion  received in the month  was higher than the sum of N1,151.808 Billion received in the previous month of January 2024, N40.620 Billion. From that amount, the sum of N47.404 Billion was allocated for the cost of collection, a total sum of N843.675 billion for Transfers, Intervention and Refunds and a total of N200.000 Billion saved.


 The remaining  balance of  N101.349 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N7.351Billion, States received N3.729 Billion, while the sum of N87.394 Billion was allocated to LGCs as Derivation (13% Mineral Revenue).


Also, the sum of N15.789 Billion from  Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.274 Billion, States got N7.578 Billion, Local Government Councils received N5.305 Billion, while N0.632 Billion was allocated for Cost of Collection.


The Communique also disclosed N657.444 Billion from Exchange Difference, which was shared as follows: Federal Government received N278.463 Billion, States got N141.240 Billion, while the sum of N108.891Billion was allocated to Local Government Councils, N78.850 Billion was given  for Derivation (13% of Mineral Revenue) and the sum total of N50.000 Billion was saved.


Petroleum Profit Tax (PPT), Value Added Tax (VAT), Import Duty, Excise Duty and Customs External Tarrif levies (CET) increased significantly, while Oil and Gas Royalties increased marginally.Electronic Money Transfer Levy (EMTL) and Companies Income Tax (CIT) recorded considerable decreases.


According to the Communique, the total revenue distributable for the current month of February 2024, was drawn from Statutory Revenue of N101.349 Billion, Value Added Tax (VAT) of N428.806 Billion,  N15.157 Billion from Electronic Money Transfer Levy (EMTL), and  N607.444 Billion from Exchange Difference,  bringing the total distributable amount for the month to N1,152.756 trillion.


The balance in the Excess Crude Account (ECA) as at March 2024 stands at $473,754.57.


In his opening remarks at the meeting, Wale Edun, the Honourable Minister of Finance and Co-ordinating Minister of the Economy, said in the fiscal side, there is a move to raise the forex trading.


He informed that President Bola Ahmed Tinubu led administration in its avowed determination to achieve and ensure rapid and sustained economic growth in the country has commenced the intervention programme which is a direct payment to about 15 -17 million poorest and vulnerable Nigerians, after carefully making sure that the system is fraud free, using the Biometric Registration and Digital Registering. 


He explained  that there is an increase in revenue, and *we are commending the revenue generating agencies for their hard work

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