Jaiz Bank Plans N150bn Capital Base Following CBN Recapitalisation Directive
Jaiz Bank Plc has announced plans to raise its capital base to N150bn following its confirmation of full compliance with the Central Bank of Nigeria’s recapitalisation directive. The Managing Director and Chief Executive Officer of the bank, Haruna Musa, made this known during a press briefing held in Abuja to unveil the bank’s new corporate identity.
Musa explained that although the bank has already met the regulatory minimum, it is working on going far beyond that threshold to strengthen its financial position and boost investor confidence. He revealed that shareholders had earlier approved a recapitalisation plan of N150bn during the bank’s annual general meeting in 2021.
He further stated that within the next year, Jaiz Bank hopes to raise its capital to N100bn and then increase it to a minimum of N200bn over the next three years. According to him, the bank aims to go beyond the minimum requirement not only to comply with the CBN mandate but also to support future growth and expansion.
Speaking about the bank’s rebranding, Musa noted that the new corporate identity represents more than just a change of logo and colours. He described it as a strong statement of the bank’s commitment to innovation, modernisation, and improved service delivery while maintaining its core values. The new corporate colours of deep blue, yellow, and grey are designed to reflect trust, optimism, and balance.
During the session, Musa also announced plans to relaunch Jaiz Bank’s international card services in partnership with MasterCard as part of efforts to enhance customer experience. He explained that following improvements in the foreign exchange market, the bank is now ready to resume international transactions for its customers.
He added that the bank will soon launch a new digital platform featuring a new mobile app and WhatsApp banking services, making it easier for customers to carry out simple transactions using their mobile devices wherever they are.
Looking at its long-term strategy, Musa reiterated that Jaiz Bank aims to become one of the biggest and most efficient Islamic banks in Africa, with regional expansion already on the horizon. He, however, emphasised that the bank’s immediate priority is to consolidate and strengthen its position in Nigeria before moving into other African markets.
Finally, he stressed that Jaiz Bank will continue to prioritise financing for small businesses and support economic growth through responsible investment and strong customer service.
