TAJBank, one of Nigeria’s non-interest banks, says it has met the Central Bank of Nigeria’s (CBN) new minimum capital requirement for national non-interest banks.
The Managing Director of the bank, Mr Hamid Joda, confirmed the achievement in a statement on Friday in Abuja.
“I am happy to report that through the leadership of our bank’s board and support of our valued shareholders and investors, TAJBank has fulfilled the mandatory recapitalisation requirement. The bank is now fully prepared for more customer-friendly, innovative banking service delivery to our growing customers nationwide,” he said.
Joda commended the CBN Governor, Mr Olayemi Cardoso, and the apex bank’s management for the recapitalisation initiative, describing it as a step that would reposition Nigerian banks for competitiveness in the rapidly changing global banking space.
“I want to assure all our shareholders, new investors and customers that TAJBank will continue to prioritise their interests in our operations. As our mantra says, our only interest is our customers, we shall be investing more in technological assets, solutions and our human resource to surpass expectations. We will do this through real-time delivery of world-class and Shari’ah-compliant financial solutions,” he added.
Correspondent recalls that the CBN, in March 2024, announced an increase in minimum capital requirements for licensed banks in the country as part of its regulatory measures to strengthen the sector for improved contributions to Nigeria’s economic growth amid global economic uncertainties.
(NAN)