Nigeria: In path to become top Islamic finance sector, Nigeria needs big banking competition
Reports say Nigeria, hope to the largest population of Muslims in sub-Saharan Africa, is looking to tap into that market by establishing its banking sector and initiating new regulations to lay the groundwork for such a goal. While experts say there is much potential, the consumer and corporate banking markets remain largely underdeveloped; an report by development organization EFINA found that more than 61.6 percent of adults borrow their money from family and friends; only 5.6 percent use deposit-taking banks. Recent regulations are looking to now introduce products like Islamic bonds, insurance and interbank lending products, say reports. The country only has one Islamic bank today, however, named Jaiz Bank. Jaiz has turned its original three branches into 10, and is now looking to have 100 branches by 2017, say reports.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile Faces Class-Action Lawsuit Over Sprint Merger After Appeal Denied
May 16, 2024 by
CPI
Google Faces Backlash Over Introduction of AI-Generated Summaries in Searches
May 16, 2024 by
CPI
CMA Launches Phase 2 Probe into AlphaTheta’s Acquisition of Serato
May 16, 2024 by
CPI
NFL Executive Escapes Testifying in High-Stakes Trial Over Televised Games
May 16, 2024 by
CPI
EU Consumers Lodge Complaint Against Chinese Retailer Temu Over Content Rules Breach
May 16, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI