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

By  |  August 6, 2013
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.

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