JAIZ Bank has fulfilled the new bank recapitalisation set by the Central Bank of Nigeria (CBN).

The Managing Director of the bank, Dr Haruna Musa, who disclosed this in Abuja on Tuesday during the unveiling of the bank’s new corporate identity, revealed that apart from meeting the recapitalisation target, Jaiz Bank will soon execute its N150 billion recapitalisation.

He stated: “In fact, we are among the first few banks that have met the new capital requirement well ahead of the capitalisation deadline. Beyond meeting regulatory requirements, the shareholders also approved the capitalisation to the tune of N150 billion. Therefore, beyond meeting regulatory requirements, Jaiz Bank is now moving on to ensure that we bring in the additional N150 billion capital in the short and medium term.”

The managing director also hinted that the bank is planning to relaunch its MSME programs, aimed at providing funding to the sector.

He said, “We are now focusing on relaunching our MSME program. As the engine of development, MSMEs generate about 60 per cent of the employment, and another 90 million people are engaged in various capacities in the MSMEs. The relaunching of the MSME by Jaiz Bank will make it easier for such enterprises to access financing.”

He revealed that Jaiz Bank plans to increase its financing package for Small, Medium, and Micro Enterprises (SMMEs) to the tune of over N800 million in the next two years.

As the March 2026 deadline for the recapitalisation exercise approaches, Musa hinted that Jaiz Bank is open to possibilities arising from the exercise.

He added, “We understand that mergers and acquisitions come with challenges. Alignments must be considered, including technological, system, and people’s alignments. These are very crucial.”

He also disclosed that the bank is excited about the re-entry of Nigerian bank cards into the global market after a three-year hiatus.

He revealed that Jaiz Bank will launch a new card on September 1, which is expected to herald the bank’s entry into online shopping and foreign spending.
“Many Nigerians are thrilled about the return of the era when you can travel with your card and conduct transactions abroad. We are delighted to inform the general public that Jaiz Bank, in collaboration with Mastercard International, is about to relaunch the Jaiz Naira Mastercard, effective from September 1st. This relaunch will enable our stakeholders to once again carry out transactions abroad.”

Musa commended the Central Bank of Nigeria’s initiative in addressing the surge in remittances in recent months. He believes that the increasing inflow of remittances will stabilise the foreign exchange market, thereby bolstering the foreign reserves.

Musa observed a rise in foreign direct investment and foreign portfolio investment in the country, as well as an influx of Diaspora remittances. He attributed this stability to the FX market, which has led many banks to relaunch the use of Mastercard for foreign transactions.

In addition to strengthening its online application, Jaiz Bank will soon launch its banking WhatsApp app to simplify banking for its customers further.

Musa emphasised the importance of alternative channels, including the current app, and hinted at the launch of a new app with all the features, including WhatsApp Banking.
WhatsApp Banking is a relatively new concept in the country, allowing customers to perform various transactions, including printing statements, through WhatsApp.

Musa outlined the bank’s plans, emphasising its intention to expand beyond Nigeria, saying: “Our mission is to become one of the largest and most efficient non-interest banks in Africa.
“Therefore, our vision extends beyond Nigeria. We are currently focused on the initial step of capitalising the bank. The next step involves collaborating with our regulators to determine the appropriate capital requirements for our banks to embark on international operations. We have received invitations from numerous countries. For instance, the Central Bank of Ghana recently sent a delegation to the bank to discuss Jaiz’s plan to establish a presence in Ghana. Similarly, the Central Bank of Sierra Leone has also sent a delegation to engage in discussions. We will be prepared to comply with any minimum capital requirement for international operations set by the CBN once it is finalised.”