The latest rating, a notch higher than the bank’s previous rating, acknowledges the bank’s high-quality balance sheet and robust earnings capacity.
As Nigeria’s leading non-interest banking service provider, the bank secured a Bbb rating last year despite the prevailing economic situation. This year, TajBank elevated its operational efficiency and best practice principles to Bbb+, a development industry analysts attribute to its zeal and strong performance in delivering innovative products and services to its expanding customer base.
Commenting on the improved rating by the rating agency, Mr Hamid Joda, the Founder/CEO of the fastest-growing and value-driven non-interest lender, described the upgraded rating by Agusto & Co as a clear demonstration that TajBank has continued to prioritize necessary risk management and operational controls. The bank maintains a clear focus on quality processes related to first-class standards, management, and the administration lifecycle.
Joda expressed enthusiasm, stating, “The latest rating of TajBank by the reputable agency has, once again, confirmed the management’s commitment to world-class standardization of the bank’s operations, especially in terms of ensuring high operational standards and service provisions for our growing customers on a sustainable basis.”
“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. By doing so, we aim to 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.”
“Our message to both current and potential customers is that with TajBank, they can rest assured of the safety of their transactions and the bank’s readiness to support their business and other endeavors in line with our operational mantra, which states that our interest is only the customer.”
In his remarks, the bank’s Executive Director, Sherif Idi, said that the latest ratings by Agusto & Co had again “reaffirmed TajBank as a system and operationally conscious and standard-driven non-interest lender that remains at the leading edge of the NIB sub-sectoral market. The bank is determined to retain this position in the years ahead by prioritizing investment in human capital and innovative technologies and solutions to continue serving its customers better and adding value to businesses or socioeconomic well-being.”
Agusto & Co assigns credit risk ratings to various entities, including financial institutions, companies in the industrial and commercial sectors, state governments, mutual funds, asset management companies, leasing companies, and pension funds.
The firm’s rating is monitored and can be revised upwards or downwards depending on changes that occur in the organisation during the validity period of the rating.