A PYMNTS Company

Nigeria: In path to become top Islamic finance sector, Nigeria needs big banking competition

By  |  August 6, 2013

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.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Full Content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.