TAJBank, a Nigerian non-interest bank, has confirmed that it has met the Central Bank of Nigeria’s (CBN) new minimum capital requirement for national non-interest banks. The bank’s Managing Director, Hamid Joda, announced this achievement in a statement, attributing it to the leadership of the bank’s board and the support of its shareholders and investors.
The CBN had introduced the recapitalisation initiative to strengthen the banking sector and enhance its contribution to Nigeria’s economic growth. The move is part of the apex bank’s regulatory efforts to ensure that Nigerian banks remain competitive in the global banking landscape. By meeting the minimum capital requirement, TAJBank has demonstrated its commitment to delivering innovative and customer-friendly banking services to its growing customer base nationwide.
Joda commended the CBN Governor, Olayemi Cardoso, and the management of the apex bank for the recapitalisation initiative, noting that it will reposition Nigerian banks for competitiveness in the rapidly changing global banking space. He assured shareholders, new investors, and customers that TAJBank will continue to prioritise their interests, investing in technological assets, solutions, and human resources to surpass their expectations.
The bank plans to achieve this through the real-time delivery of world-class and Shari’ah-compliant financial solutions. The recapitalisation initiative is a significant development in the Nigerian banking sector, which has been undergoing reforms to improve its stability and competitiveness. The CBN’s move to increase the minimum capital requirements for licensed banks is aimed at strengthening the sector and enhancing its contribution to the country’s economic growth.
The development is also expected to have a positive impact on the country’s economic growth, as a strong and stable banking sector is essential for attracting investments and promoting economic development. With TAJBank’s successful recapitalisation, the bank is well-positioned to play a significant role in Nigeria’s economic growth, providing innovative and customer-friendly banking services to its customers. The bank’s commitment to delivering world-class financial solutions is expected to enhance its reputation and increase customer confidence in the Nigerian banking sector.
