Haruna Musa on Transforming Jaiz Bank: Driving Innovation, Integrity and the Future of Non-Interest Banking in Nigeria
Nigeria’s fast-changing financial sector is under pressure to innovate and rebuild public trust, and Jaiz Bank has emerged as a case study in values-driven growth. At the centre of this transformation is Haruna Musa, the seasoned banker recruited from GTBank with a bold mandate: restructure, reposition, and accelerate the performance of the country’s pioneer non-interest bank. Musa’s leadership combines deep technical expertise with a passion for ethical finance, making him one of the most watched executives in Nigeria’s banking industry.
With more than 27 years’ experience spanning corporate banking, risk management and strategy, Musa brings a rare blend of knowledge and discipline to Jaiz Bank. He holds degrees from Ahmadu Bello University, Bayero University, and advanced studies in finance and Islamic banking at Cranfield University and Universiti Utara Malaysia. “I am driven by integrity, discipline, and inclusive growth,” he says, emphasising his mission to create financial solutions that empower individuals and communities beyond religion or region.
Since taking the helm in late 2023, Musa has energised Jaiz Bank’s workforce and driven record growth. Profits rose from ₦6.4 billion in November 2023 to ₦11.2 billion by December, and more than doubled again in 2024 to ₦24.6 billion. The bank’s balance sheet crossed the ₦1 trillion mark in total assets, while its digital transformation expanded mobile and agency banking nationwide. Retail customers, SMEs, agriculture, and renewable energy financing have become priority areas, reflecting Nigeria’s demographic and economic realities.
A major part of Musa’s strategy is to demystify non-interest banking for the public. Through campaigns, videos and direct engagement, Jaiz Bank explains that its model is not exclusive to Muslims but is an ethical alternative open to everyone. Non-Muslim customer numbers are steadily rising as awareness spreads, and the bank is using platforms such as the Central Bank’s Financial Literacy Week to educate millions of unbanked Nigerians. This focus on inclusion aims to reduce financial exclusion in regions where more than 80% of adults remain outside the system.
Looking ahead, Musa envisions Jaiz Bank cementing its position as Africa’s leading non-interest bank, expanding into all 36 Nigerian states and beyond. Plans include deeper digital adoption, more green and sustainable financing, and continued investment in staff and customer capacity. “Our ambition is bold: to be among Nigeria’s top 10 banks within five years,” he says. By scaling responsibly and remaining rooted in ethics, Musa hopes to leave a legacy of inclusive growth, industry leadership, and a bank that empowers communities across the continent.
source: business day