Jaiz Bank Aims for N70bn Capital Base Amid Expansion Plans
Jaiz Bank, a trailblazer in Nigeria’s non-interest banking sector since its inception in 2012, is poised to increase its capital base to N70 billion by the end of this year, reaffirming its commitment to becoming a leading force in Islamic banking across Africa.
This announcement came during a send-off ceremony in Abuja for 11 retired board members, including the bank’s inaugural chairman, Alhaji Umar Abdulmutallab, as highlighted by Mustapha Bintube, Chairman of the Board of Directors. Bintube celebrated the bank’s financial achievements, noting a robust profit of N11 billion in 2023, a figure surpassed by mid-2024.
“With the ongoing recapitalisation efforts, Jaiz Bank is already ahead of the curve, meeting the minimum requirements and aiming for a N70 billion capital base by year-end,” Bintube affirmed, referencing the Central Bank of Nigeria’s directive for banks, including non-interest entities, to attain N20 billion in capital by March 2026.
Despite a current paid-up capital of N18.6 billion, which falls short of the target by N1.4 billion, Jaiz Bank has expanded significantly from its initial three branches to 54 branches nationwide, with plans to reach 60 branches by year-end. Bintube articulated ambitions for global expansion, reflecting on the bank’s modest beginnings with an initial capital of N6 billion.
Dr. Umar Mutallab, former Chairman of Jaiz Bank, lauded its pioneering status and acknowledged pivotal support from stakeholders like Alhaji Aliko Dangote and former Central Bank Governor Lamido Sanusi. He underscored the bank’s pivotal role in advancing ethical financial services grounded in Islamic principles, positioning itself as a cornerstone in Nigeria’s banking landscape.
As Jaiz Bank charts a course towards enhanced growth and service excellence, Mutallab’s sentiments echoed a collective vision for sustained innovation and integrity in delivering financial solutions aligned with global standards.
