Jaiz Bank Management Commends NCC For Effective Regulations


By Cyber Era Staff

Telecommunications sector regulator, the Nigerian Communications Commission (NCC), has received a pat on its back for its efforts in ensuring effective regulations aimed at protecting the rights and interests of consumers of telecom services and for promoting the provision of improved services at fair and affordable prices to Nigerians.

The commendation came from the Management of Jaiz Bank, Nigeria’s first Islamic non-interest commercial bank, which paid a familiarisation visit to the Commission to seek areas of mutual collaboration between the two corporate entities.

Speaking during the visit on Thursday, February 27, 2020, the Chief Executive Officer of the Bank, Hassan Usman said while Nigeria had not reached the promised land of telecom regulation, the “NCC deserves commendation for its efforts in consistently ensuring regulatory efforts that have now made telecoms services more affordable to majority of Nigerians, a reality that can easily be benchmarked against what is happening in other countries.”

Usman also affirmed that the fact that ICT had become crucial to the development of every sector of the economy with positive multiplier effects in the life of every business and Nigerian, was the reason NCC deserved kudos.

The Jaiz Bank CEO equally noted that because banks currently relied on broadband Internet to provide efficient and effective services through seamless connectivity for intra and inter-banking services provision, the Commission’s efforts in further deepening access to seamless broadband connectivity to businesses and individuals had been of tremendous benefit to Jaiz Bank.

Speaking about the bank’ operations, Usman said it remained the first Islamic commercial bank established by the Federal Government to operate on a non-interest business model, which made it different from conventional banks that charged interest in every area of its transaction. 

He said the bank was committed to supporting individuals, the public and private sector to attain financial goals through loans for mortgage, supporting start-ups as well as those in real estate businesses. Overall, Usman said the significant role NCC played and did well, necessitated the visit to the Commission to see how NCC and its staff could work with Jaiz Bank to derive banking benefits from Jaiz Bank financial services.

Responding, Director, Finance Services, NCC, Yakubu Gontor, who received the bank’s team on behalf of Prof. Umar Danbatta, the Executive Vice Chairman Chief Executive Officer(EVCCEO) of NCC, thanked the Bank’s Management for its recognition of the regulatory role of the NCC in deepening access to broadband, which had enhanced promotion of digital financial inclusion in the country.

Gontor noted , though that the Commission, like other Ministries, Departments and Agencies (MDAs), now remited directly to the Treasury Single Account (TSA) domiciled with the Central Bank of Nigeria (CBN), was paid from the TSA by the CBN as directed by the Federal Government.

Gontor, however, called on the Bank to patronise the staff of the Commission to open accounts since it had enticing packages at low interest rates to support mortgaging and loans and also tasked the Staff Cooperative of NCC to leverage on the opportunities at Jaiz Bank to source funding to build its proposed Staff Estate at Lugbe.

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