Jaiz Bank Plc plans to raise its capital base to N150bn after confirming compliance with the Central Bank of Nigeria’s recapitalisation directive.
The Managing Director and Chief Executive Officer of the bank, Haruna Musa, disclosed this on Tuesday during a press briefing at the unveiling of the bank’s new corporate identity in Abuja.
Musa explained that the bank had already surpassed the regulatory minimum but was working to go beyond the threshold.
“I’m happy to tell our partners and 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 the new capital requirement and are well ahead of the deadline.
“Beyond meeting with the regulatory requirements, I’m also happy to inform our stakeholders that at the annual general meeting of the bank in 2021, the shareholders approved recapitalisation to the tune of N150bn.
“In the next one year, the plan is to raise our capital to a minimum of N100bn, and in the next three years to a minimum of N200bn. So, we will recapitalise Jaiz Bank beyond the minimum regulatory requirement,” Musa said.
Musa described the unveiling of Jaiz Bank’s new corporate identity as more than a cosmetic change.
He said the exercise reflected the bank’s commitment to modernising its platforms while holding on to its values.
“This rebrand is not just a cosmetic change. It is a bold statement of intent. It is about who we are, what we stand for, and the future we are building,” he said.
The bank’s new look features a redesigned logo and a fresh palette of deep blue, yellow and grey, which Musa said symbolise trust, optimism, and balance. Its new payoff line is now “With You for Life.”
During the interactive session, Musa also announced that the bank would relaunch its international card services in partnership with MasterCard.
“We are about to relaunch our Jaiz MasterCard effective from September 1st. With that, our customers will be able to carry out transactions abroad,” he said.
He linked the development to recent improvements in the foreign exchange market.
“Many people remember that in 2023, most banks suspended the use of MasterCard abroad because of dollar scarcity. With the reforms we have seen from the current government, things are getting better. There is a lot of stability in the FX market now. That is the reason why so many banks, including Jaiz Bank, are relaunching the use of their cards abroad,” he said.
Musa also revealed plans for a new digital platform.
“We are going to see a brand-new app sometime soon with all the features, including WhatsApp banking.
“Through WhatsApp, you can do all your transactions,” he said.
On the bank’s long-term strategy, he said, “Our mission is to be one of the biggest and most efficient Islamic banks in Africa. That means regional expansion is inevitable. We have already received invitations from the Central Bank of Ghana and the Central Bank of Sierra Leone. But our immediate focus is to consolidate at home before moving internationally.”
He emphasised that Jaiz Bank would also prioritise financing for small businesses.
As of June 30, 2025, Jaiz Bank posted total assets of N964.09bn, lower than the N1.08tn recorded in 2024, with liabilities at N892.62bn against N1.01tn the previous year, while equity held steady at N71.47bn.
The bank’s Q2 2025 gross earnings rose to N45.19bn from N36.16bn, driving profit before tax to N14.76bn compared to N11.56bn in 2024, with profit after tax climbing to N14.45bn from N11.28bn.
Earnings per share stood at 32.46 kobo against 32.67 kobo in the same period last year, with the growth in profitability largely driven by income from financing and investment activities.
