TajBank earns top rating as leader in non-interest banking space

In a significant development, Agusto & Co., a leading rating agency in Nigeria, has assigned TAJBank Limited with a Bbb+ rating, making it the best-rated non-interest bank in the country.

Agusto & Co.’s upgrade of TAJBank’s rating to Bbb+ from its previous rating of Bbb reflects the agency’s positive assessment of the bank’s balance sheet strength and ability to generate sustainable earnings over the long term.

The fact that the bank was able to improve its rating from Bbb to Bbb+ is a testament to its operational efficiency and commitment to best practices, even in the face of economic challenges. Analysts noted that the bank’s focus on providing innovative products and services to its growing customer base has been a key driver of its success.

In response to the improved rating,Hamid Joda, the bank’s founder and CEO, stated that the rating was a clear indication that TAJBank is committed to risk management and operational controls. He highlighted the bank’s focus on quality processes related to management and administration lifecycle as key factors that have contributed to its success.

Joda further noted that the improved rating was a validation of the bank’s commitment to world-class standards in its operations, particularly in terms of ensuring high operational standards and services for its growing customer base. He emphasized the bank’s long-term goal of providing quality services to its customers on a sustainable basis, and expressed confidence that the bank will continue to meet and exceed these goals.

“As we have consistently assured our customers and industry regulators, our primary goal is to deliver cutting edge quality and operational systems and services as well as protect the interest of our customers and by so doing, retain TAJBank as the leader in the NIB subsector of the banking system and make it the preferred choice for value-conscious customers in non-interest banking services in Nigeria and globally,” he stated. 

Joda reassured current and potential customers that with TAJBank, they can be confident that their transactions are safe and that the bank is committed to supporting their business and other endeavors. He stressed the bank’s commitment to its mantra of “our interest is only the customer,” which is reflected in the bank’s focus on providing quality products and services that meet the needs of its customers.

Sherif Idi, executive director at TAJBank, further stated that the rating was a confirmation of the bank’s position as a market leader in the non-interest banking sector. He emphasised the bank’s focus on investing in human capital, innovative technologies, and solutions to serve its customers better and add value to their businesses and socioeconomic well-being.

Idi reiterated the bank’s commitment to continuing to innovate and improve its products and services in order to better meet the needs of its customers. He also expressed the bank’s gratitude to its customers for their continued support and trust.