Jaiz Bank Plc said it has fully complied with the Central Bank of Nigeria’s (CBN) minimum capital requirement well ahead of the March 2026 deadline and aims to raise at least N200 billion over the next three years to support its expansion plans within Africa.
Haruna Musa, managing director of Jaiz Bank, disclosed this during the unveiling of the bank’s new corporate identity on Tuesday.
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“I’m happy to tell our partners and respective stakeholders that Jaiz Bank is now fully compliant with the minimum capital requirement that has been set by the Central Bank of Nigeria. In fact, we’re among the first few banks … to have met up with the new capital requirement and well ahead of the capitalisation deadline,” he said.
In March, the CBN reviewed upward the minimum capital thresholds for the banking sector. It set the requirement for non-interest banks like Jaiz at N20 billion, compared with N500 billion for commercial banks with international licences. National banks are now expected to hold N200 billion, while regional lenders must maintain at least N50 billion in capital.
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Mr Musa added that shareholders had earlier backed a larger recapitalisation plan. “At the annual general meeting of the bank, sometime in 2021, the distinguished shareholders approved the recapitalisation to the tune of 150 billion.”
He said that beyond meeting CBN requirements, the bank would continue to raise more capital in phases.
“In the next one year, the plan of the bank is to ensure that we raise our capital to a minimum of 100 billion. In the next three years, the plan of the bank is to raise our capital to a minimum of 200 billion.”
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He also hinted at regional ambition, saying, “Our mission is to be one of the biggest and most efficient non-interest banks in Africa.”
He said that Jaiz Bank had already received invitations from regulatory authorities in Ghana and Sierra Leone and would consider expansion once the CBN announces specific capital requirements for international non-interest banks.
Mr Musa also announced that the bank would reintroduce international card services.
“We are about to relaunch our Jaiz Bank MasterCard effective from September 1st. So, with that, our stakeholders, our customers, people can pick up Jaiz Bank and have their transactions abroad.”
He also explained that new digital services would soon be introduced. “We want to enhance our operational efficiency. We are going to see a brand new app sometime soon with all the features, including WhatsApp banking.”
The bank is renewing its focus on SMEs, which the MD described as critical to Nigeria’s economy.
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“We are now focusing on relaunching our MSME program. As the engine of development, MSMEs generate about 60 per cent of the employment, and another 90 million people are engaged in various capacities in the MSMEs. The relaunching of the MSME by Jaiz Bank will make it easier for such enterprises to access financing.”
“Our goal is not making a profit. It is focused on making impact on our society,” Mr Musa said.
The bank introduced a new corporate identity with a fresh logo and the payoff line “With You for Life,” saying the rebrand was aimed at modernising its image while retaining its islamic banking principles.
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