TAJBank secured its banking License from the Central Bank of Nigeria on the 3rd July 2019 and commenced operations on the 2nd December 2019 with two pioneering branches — its corporate branch in Abuja and a branch in Kano.
From inception, the bank has demonstrated an immense appetite for growth and innovation, rendering exceptional quality services to customers and nurturing a well-motivated workforce. As a non-interest bank with the strategic intent of providing excellent services through technology and digital innovation, the bank focuses on building a powerful brand as a deposit money bank with solutions and competencies in non-interest banking while adopting sustainable and ethical conventional banking products and services by leveraging on mainstream and social media.
The bank has a vision to become “the leading African financial institution with a reputation for excellent customer experience and innovative solutions” while its strategic vision is “to build a sustainable ethical brand through exceptional service, innovation and professionalism whilst enhancing stakeholders’ value”.
To engender unflinching commitment to its mission and vision, guide its strategic behaviors and offer exceptional services to customers, the bank’s core values include: trust and justice; customer-centricity; excellence; determination; and innovation.
Since commencing operations in December 2019, the bank has demonstrated its commitment to sustainable growth and expansion, adding new and innovative products and services as well as branches. The bank has opened three branches — Sokoto, National Assembly and Kaduna — including a Liaison office in Lagos, in addition to the two branches (Abuja and Kano) it started with in 2019, culminating into five robust and responsive branches in a very short period in an unprecedentedly turbulent and volatile global business environment occasioned by COVID-19.
In this period, the bank secured licenses for major critical banking products, including letter of credit dealership and foreign exchange among others. The strategic commitment of the bank is to be among the dominant non-interest banks operating in Nigeria with a 75% market share and comprehensive non-interest banking products and services coverage; rank among the Top 10 deposit money banks in Nigeria; and pursue global branch expansion to achieve at least 40 branches across state capitals/major commercial centers in Nigeria by 2025.
After eight months of productive operations, excellent strategic leadership and effective performance management, the bank achieved its breakeven in the month of August 2020 and proceeded to record the highest earnings per share in Nigeria’s banking industry with its shareholders earning NGN11.82 (2.86 US cents) per share, representing an appreciation of 1,182% on every NGN1 (0.24 US cent) investment by them in the 2020 financial year.
TAJBank is an innovation-driven bank and would continue to build on its values of trust and justice, customer-centricity, determination, excellence and innovation to expand across Nigeria and Africa in the long term.