TAJBank Limited has emerged as Nigeria’s largest non-interest bank (NIB) by total assets, hitting ₦1.017 trillion in the first half (H1) of 2025.
The milestone marks a major leap for the fast-growing lender, which now leads the country’s ethical banking subsector by both asset base and gross earnings, according to a new performance report presented at a seminar in Abuja.
Investment expert and chartered stockbroker, Mr. Olabode Akeredolu-Ale, disclosed the figures while delivering a paper titled “Roles of Non-Interest Banks in SMEs’ Financing” at a workshop organised by Leaders Corporate Services.
Impressive Financial Growth
According to Akeredolu-Ale, TAJBank’s total assets climbed from ₦953.10 billion in December 2024 to ₦1.017 trillion in H1 2025, representing an increase of ₦53 billion — the highest among non-interest banks in Nigeria.
The bank also posted ₦53.75 billion in gross earnings during the first half of 2025, up from ₦32.86 billion as of December 2024 — a 64% growth year-to-date.
He further revealed that TAJBank’s earnings per share (EPS) rose to 61.36 kobo, about 92% higher than that of its closest competitor in the non-interest banking segment.
“These figures are verifiable from official banking and capital market regulatory platforms,” Akeredolu-Ale said, noting that TAJBank’s performance demonstrates the growing potential of non-interest financial institutions in driving inclusive economic growth.
Supporting SMEs and Ethical Finance
Akeredolu-Ale, who is also a chartered accountant, highlighted that non-interest banks are playing an increasingly vital role in supporting micro, small, and medium enterprises (MSMEs) through ethical and cost-friendly financing models.
He said:
“Today, MSMEs cannot access conventional banks’ loans due to high lending rates and other macroeconomic challenges. This is where non-interest banks have become crucial to Nigeria’s economic recovery and growth.”
He urged entrepreneurs to explore the interest-free loan opportunities offered by NIBs and to maintain accounts with them to enhance access to funding.
Experts Commend Sector’s Impact
Another speaker at the event, Mr. Benjamin Chukwudi, commended non-interest banks for their “catalytic role” in improving SME financing.
He said their interest-free products and financial advisory support have helped many small businesses remain afloat despite Nigeria’s challenging business environment.
Background
TAJBank, which began operations in 2019, has rapidly positioned itself as a leading player in Nigeria’s non-interest banking space — leveraging technology, customer-focused innovation, and ethical finance principles to expand its footprint across the country.
The bank operates a dual banking licence from the Central Bank of Nigeria and continues to pioneer Sharia-compliant banking models tailored to small businesses and investors seeking ethical financial solutions.
Summary
TAJBank’s record-breaking ₦1.017 trillion asset base and strong earnings growth have solidified its position as Nigeria’s largest non-interest bank. Analysts say the performance signals growing confidence in alternative banking systems and highlights the sector’s expanding role in financing real-sector growth and MSMEs.
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