By Bassey Udo
After surpassing the new recapitalisation requirements set by the Central Bank of Nigeria (CBN), Jaiz Bank PLC says its target is to raise its capital base to a minimum of N100 billion within the next one year, N200billion in three years’ time.
The Managing Director/Chief Executive Officer of the bank, Dr. Haruna Musa, disclosed in Abuja on Tuesday at the unveiling of the bank’s new corporate identity.
“Jaiz Bank is fully compliant with the minimum recapitalization requirement set by the Central Bnak of Nigeria. We were among the first few banks that met the new requirement well ahead of the recapitalization deadline.
“But beyond meeting the regulatory requirement, at the Annual General Meeting of the bank in 2021, the shareholders approved the ban’s recapitalization to the tune of N150 billion. So, beyond meeting the regulatory requirement, Jaiz Bank is moving on to ensure that it brings in an additional N150billion capital in the medium to short term.
“In the next one year, the plan of the bank is to ensure that we raise our capital to a minimum of N100 billion. In the next three years, the plan of the bank is to raise our capital to a minimum of N200 billion. So, we will recapitalise Jaiz Bank beyond the minimum regulatory requirement,” Musa said.
On the official unveiling of its new corporate identity, which came with a new corporate logo with a new payoff line of ‘With You For Life’, Musa described it as an exercise that is more than just a cosmetic celebration of a new look, but a defining milestone in the Bank’s journey for nearly 14 years since the bank pioneered non-Interest (Islamic) banking in Nigeria.
He said the rebranding reflects the Bank’s deliberate effort to refresh its identity, modernize its platforms, and reaffirm its commitment to ethical, inclusive, and customer-focused banking services.
While the outward expression of the Bank was evolving, the MD said its foundation remained unchanged, with the values and Shariah-compliant principles always defining its operations.
He listed the Bank’s achievements since its inception to include its emergence as the strongest Islamic Retails Bank in Nigeria and Best MSME (micro, small, medium enterprise) non-interest Bank in 2024; ranked 12th among top 100 strongest Islamic banks globally by the Asian Bankers) and dual recognition of best Islamic bank in West Africa by International investors magazine as well as Best Islamic Bank in Nigeria in 2024 by Capital Finance international, among others.
On digital innovation, Musa announced that the Bank would soon launch an upgraded mobile application with advanced features, including WhatsApp banking that would allow account holders to carry out various services, including the printing of their bank statement for various purposes such as visa applications.
Also, he said the Bank plans to relaunch its Naira MasterCard for international transactions from September 1, in partnership with MasterCard International as part of efforts to give customers the long-awaited platform for seamless cross-border payments.
On expansion plans, Musa confirmed that Jaiz Bank was considering regional growth across Africa, adding that engagements were currently ongoing with regulators and central banks in countries such as Ghana and Sierra Leone.
“Our mission is to establish our presence beyond Nigeria. If our mission is to be the top in Africa, then obviously, we have regional expansion plans. We have been getting invitations from so many countries. Any time soon, honestly, we will see Jaiz Bank coming up across different areas in Africa,” he said.
On domestic growth, the CEO restated a renewed focus on the support to micro, small and medium-sized enterprises (MSMEs), to make it easier for entrepreneurs to access financing.
He said the re-launching of the MSME programme of the Bank would make it easier for certain enterprises to access financing without much cost.
“Our goal is not making a profit, but to focus on making an impact on our society,” he said.
He said the Bank’s current financing portfolio was in excess of N500 billion, with a target of between N1 trillion and N1.8 trillion in the next three years.
On the Bank’s financial performance since he assumed office in 2023, Musa said Jaiz Bank’s balance sheet has grown from N420 billion to over N1.2 trillion, with deposits now standing at N2.2 trillion, and profits increasing from N6 billion at the start of the reforms to N24 billion last year, and N26 billion so far in 2025.
Noting a significant rise in the bank’s share price, the MD said the Bank’s share price, which stood at about N1.50 in December 2023 at the onset of the reforms, grew to about N5 as at last Tuesday.
Looking ahead, he assured that the Bank’s strategy would continue to focus on inclusive banking that offers its services to all segments of the society, guided by its Shariah-compliant ethical principles.
“We believe the journey has just started. With our vision of a new identity, we will be able to attain more and contribute to the growth of this country,” Musa said.
