Jaiz Bank Plc has announced plans to grow its capital base to N150 billion following the Central Bank of Nigeria’s recapitalisation directive.
The bank’s Managing Director and Chief Executive Officer, Mr. Haruna Musa, made this known on Tuesday during a press briefing at the unveiling of the bank’s new corporate identity in Abuja.
According to Musa, Jaiz Bank has already met the new minimum capital requirement set by the apex bank, making it one of the first financial institutions in the country to do so.
“I am pleased to inform our stakeholders that Jaiz Bank is fully compliant with the CBN’s recapitalisation requirement, well ahead of the deadline,” Musa said. “But we are not stopping there. Our shareholders approved a recapitalisation plan of N150 billion at the bank’s 2021 Annual General Meeting, and we are committed to achieving it.”
He explained that the bank intends to raise its capital to at least N100 billion within the next year, and to a minimum of N200 billion in the next three years.
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New Corporate Identity and Digital Expansion
The unveiling of the bank’s fresh corporate identity formed a major highlight of the event. Musa noted that the new look – featuring a redesigned logo and colours of deep blue, yellow, and grey – goes beyond aesthetics.
“This rebrand is not just about changing colours or logos. It reflects our renewed commitment to modernising our services while staying true to our core values. It is a bold statement about the future we are building,” he said.
The bank also introduced its new payoff line: “With You for Life.”
In addition, Jaiz Bank revealed plans to relaunch its international card services in partnership with MasterCard starting September 1. This move, Musa explained, follows recent improvements in Nigeria’s foreign exchange market.
“Many will recall that in 2023, banks suspended foreign card transactions due to dollar scarcity. With ongoing reforms stabilising the FX market, we are now confident to reintroduce Jaiz MasterCard for international use,” he said.
Musa also disclosed that the bank is working on a brand-new mobile application with innovative features, including WhatsApp banking. “Soon, customers will be able to carry out transactions directly on WhatsApp,” he added.
Growth and Expansion Plans
Speaking on Jaiz Bank’s long-term vision, Musa said the institution is determined to become one of Africa’s biggest and most efficient Islamic banks.
“We have received invitations from the Central Bank of Ghana and Sierra Leone, but our priority for now is consolidating our operations in Nigeria before expanding regionally,” he explained.
The MD further emphasised the bank’s commitment to financing small and medium-sized businesses as part of its contribution to economic development.
Financial Performance
As of June 30, 2025, Jaiz Bank’s total assets stood at N964.09 billion, down from N1.08 trillion in 2024. Liabilities dropped to N892.62 billion from N1.01 trillion, while equity remained steady at N71.47 billion.
Despite the decline in assets, the bank recorded strong financial performance in Q2 2025. Gross earnings rose to N45.19 billion from N36.16 billion in 2024, while profit before tax increased to N14.76 billion from N11.56 billion. Profit after tax also climbed to N14.45 billion compared to N11.28 billion last year.
Earnings per share stood at 32.46 kobo, almost unchanged from 32.67 kobo recorded in the same period of 2024. The growth in profitability was largely driven by increased income from financing and investment activities.
