Vibrant financial institution, Jaiz Bank Plc has announced plans to raise its capital base to a minimum of ₦100 billion within the next one year, after already meeting the Central Bank of Nigeria’s (CBN) current ₦20 billion capital requirement ahead of schedule.
The Managing Director/Chief Executive Officer of the bank, Dr. Haruna Musa, disclosed this during a press briefing in Abuja on Tuesday at the unveiling of the bank’s new corporate identity.
“In the next one year, the plan of the bank is to ensure that we raise our capital to a minimum of 100 billion,” Musa said. “In the next three years, the plan of the bank is to raise our capital to a minimum of 200 billion. So, we will recapitalise Jaiz Bank beyond the minimum regulatory requirement.”
At the event, the bank unveiled a new corporate logo with a new payoff line of ‘With You For Life’. According to Musa, the rebranding was more than cosmetic.
“This event goes beyond a ceremonial rebrand. It reflects our deliberate effort to refresh our identity, modernise our platforms, and reaffirm our commitment to ethical, inclusive, and customer-focused banking,” he said.
On digital innovation, Musa revealed that the bank will soon launch an upgraded mobile application with advanced features, including WhatsApp banking.
“WhatsApp banking is something that is still fairly new in this country. Through WhatsApp, you can do all the transactions you would like, including the printing of your bank statement for various purposes such as visa applications,” he explained.
The bank also announced plans to relaunch its Naira MasterCard for international transactions from September 1st, in partnership with MasterCard International. Musa noted that customers have long awaited the return of seamless cross-border payments.
“So many Nigerians are excited about the fact that the good days are here again, where you can travel with your card and do your transactions abroad. We’re also happy to inform the general public that Jaiz Bank, in partnership with MasterCard International, we are about to relaunch our Jaiz Naira MasterCard effective from September 1st,” he stated.
Speaking on expansion, Musa confirmed that Jaiz Bank is considering regional growth across Africa, noting that engagements are ongoing with regulators and central banks in countries such as Ghana and Sierra Leone. “Our mission is 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 Jaiz Bank CEO announced a renewed focus on small and medium-sized enterprises (MSMEs), saying that the bank would make it easier for entrepreneurs to access financing.
“The re-launching of the MSME programme will make it easier for certain enterprises to access financing without much cost. Honestly, our goal is not making a profit. It is focused on making an impact on our society,” he said. He added that the bank’s current financing portfolio exceeds ₦500 billion, with a target of between ₦1 trillion and ₦1.8 trillion in the next three years.
Musa also provided an update on the bank’s financial performance since he assumed office in 2023. According to him, the balance sheet has grown from N420 billion to over N1.2 trillion. He said deposits now stand at N2.2 trillion. Profitability has also improved, with profits increasing from N6 billion at the start of reforms to N24 billion last year, and N26 billion so far in 2025.
He also noted a significant rise in the bank’s share price. “When we started these reforms, our share price was 1 Naira in December 2023. As of yesterday, our share price was 5 Naira,” Musa disclosed.
Looking ahead, the bank said its strategy will continue to focus on inclusive banking that reaches every segment of society, guided by its Shariah-compliant 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.
Credit: thenationonlineng.net
