For years, many skeptics viewed non-interest banking as an oxymoron. If a bank – or any financial institution, for that matter – does not charge interest for its labour, where will it get its profits?
To some it seemed less like finance and more like an experiment doomed to fail. This model was further complicated by religious aspects, leading many to question whether such a system could truly be inclusive in a multi-faith, secular economy like Nigeria.
Yet, in the face of these doubts, Haruna Musa has emerged as one of the most inspiring orchestrators of a new, positive narrative for non-interest banking in Nigeria. His leadership at Jazz Bank Plc, the country’s leading non-interest bank, has already begun to define what ethical finance can mean – not just for Nigeria but for Africa as well.
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A journey built on depth and diversity
Appointed Managing Director and Chief Executive Officer of Jazz Bank on November 21, 2023, Musa brings with him over 28 years of rich, multi-sector experience in Nigeria and Africa. Her career path has been marked by continuous progress, flexibility and remarkable ability to transform challenges into opportunities.
His educational journey reflects his professional breadth. An alumnus of Ahmadu Bello University, Zaria, Bayero University, Kano and Cranfield University, United Kingdom, he later obtained a Doctorate in Islamic Banking and Finance from Universiti Utara in Malaysia – demonstrating his deep intellectual grasp of the field he now leads.
Musa also pursued advanced management programs in the United States and United Kingdom while sharpening his leadership skills and is an Honorary Member of the Chartered Institute of Bankers of Nigeria (CIBN).
“Whether opening an account for a minor, financing a home through Ijara, supporting small and medium enterprises (SMEs), or exploring green financing such as electric vehicles, Jazz seeks to grow with its customers at every stage of life.”
Prior to Jazz, he spent nearly three decades at Guaranty Trust Bank (GTBank), where he held a number of strategic roles. He served as Executive Director and Head of the North-East and Public Sector, Abuja Division, sat as a non-executive director on the Board of GTBank Côte d'Ivoire, and chaired the Board Audit Committee since 2015. During his tenure, he often helped the bank transition from challenging times to sustained profitability, earning numerous accolades for his selfless and meritorious service.
These experiences weren't just bullet points on a resume – they were laying the groundwork, preparing him to take on the mammoth task of leading Jazz Bank into a new era.
Business Philosophy: More than Banking
“What fundamentally motivates me is simple,” says Moses with characteristic humility. “Integrity, discipline and a strong commitment to inclusive growth.” In addition to his impressive resume, Moses is deeply invested in values. He emphasizes ethical leadership, family values, and financial solutions that empower individuals and communities. This mindset is not only central to his approach to Jazz Bank, but also to his broader outlook on life.
The Board of Jazz Bank recognized this rare blend of expertise and values when it spun him out of GTBank. The mandate was clear: restructure, re-engineer and reposition Jazz Bank for stronger financial performance and improved governance.
leading a change
Musa recalls, “When I took over the leadership at Jazz Bank, I inherited a strong foundation as Nigeria's leading non-interest bank. But I also recognized the urgent need to accelerate growth, strengthen governance and position the institution for long-term sustainability. Leading that transformation journey is one of my proudest milestones.”
The results have been dramatic. When Musa took over at the end of November 2023, Jazz's annual profit stood at around ₦6.4 billion. Just one month later, as of December 31, profits had increased to ₦11.2 billion. By the end of 2024, after a full year of reforms, almost all performance indices had doubled. Profits rose from ₦11.4 billion to ₦24.6 billion, while the bank's total assets crossed the ₦1 trillion mark – a 100 percent expansion of its balance sheet.
Under Moses, Jazz has also accelerated its digital transformation, expanding mobile and agency banking to reach underserved communities across the country. “We prioritized financing in key growth sectors: retail, SMEs and agriculture,” he said. “With Nigeria's population exceeding 200 million, retail banking is very widespread. SMEs, which employ about 70 percent of Nigerians, are the backbone of our economy. And agriculture – a significant contributor to gross domestic product (GDP) – remains indispensable.”
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moral difference
For Moses, non-interest banking is about much more than financial performance; It's about purpose and principle. “Non-interest banking, often misunderstood as exclusive to Muslims, is actually for all who value ethical finance,” he stressed. “It's a system rooted in integrity and transparency. It's about accountability, fairness and creating real economic value.”
He argues that the difference between traditional banking and non-interest banking lies in this unwavering ethical foundation. Unlike traditional models, where interest rates can change with little notice, non-interest banking ensures that once the terms are agreed, they remain stable until the contract is completed. “This creates trust, stability and fairness,” explains Moses.
Jazz also serves as a knowledge base of Nigeria's non-interest banking industry. Many employees and members of Sharia advisory committees at other banks began their training in Jazz. “It is almost impossible for an ex-Jazz staff member to enter any other non-interest bank in Nigeria without having contributed to its success,” Musa says with pride.
Rebranding with Purpose
Recognizing the need to communicate its evolving vision, Jazz recently launched a major rebranding initiative under the leadership of Moses. “The rebrand was more than just changing the logo or colors,” he says. “It was about reaffirming our ethical foundations while projecting innovation, maturity and inclusivity.”
The results have been shocking. Customer engagement has increased, and Jazz has climbed the social media rankings among Nigerian banks – from fifth to second place in some indices. The Bank has also adopted a bold ambition: to be among the top 10 banks in Nigeria within the next five years. The new tagline, “With you for life”, reflects this commitment. Be it opening an account for a minor, financing a home through Ijara, supporting small and medium enterprises (SMEs), or exploring green financing such as electric vehicles, Jazz seeks to grow with its customers at every stage of life.
Non-interest banking as the future of Nigeria
Moses sees non-interest banking not as an option but as the financial model of the future. He cites the Nigerian finance minister, who described this model as central to the country's long-term sustainability. “Unlike traditional banking, non-interest banking is fundamentally asset-based and linked to real economic growth,” explains Moses.
A prime example is the Sukuk initiative, which transparently finances infrastructure across Nigeria. “Every naira of Sukuk can be traced to specific projects,” he says. “If you travel to Abuja, Lagos or the East, you will see major federal projects financed through this model.”
Looking beyond Nigeria
When asked about inheritance, Moses does not focus on personal glory. Instead, he talks about collective achievement. “Legacy, for me, is not about one individual. It is about the management, staff and the board working together. But personally, I would be proud to see Jazz Bank expand beyond Nigeria – with branches in Ghana, Cote d’Ivoire and across Africa. I would love to see Jazz continue to be the leading training ground for talent in non-interest banking and remain one of the top 10 banks in Nigeria – not just in our region, But rather across the entire financial sector.”
A new story for finance
From skeptics who once dismissed non-interest banking as unsustainable to its current recognition as a driver of transparency, ethics and development, Musa's journey symbolizes a changing story. By combining strong financial performance with ethical principles, he has shown that banking can be both profitable and efficient.
Their story is not just about Jazz Bank but about the potential of finance to shape inclusive growth and a sustainable future. As Nigeria continues to grapple with economic challenges, the leadership of figures like Haruna Musa suggests a future where banking is not just about numbers but about values, vision and impact.
