TAJBank, one of Nigeria’s non-interest banks, says it has met the Central Bank of Nigeria’s new minimum capital requirement for national non-interest banks.

The managing director of the bank, Hamid Joda, confirmed this in a statement on Friday.

“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 a more customer-friendly, innovative banking services delivery to our growing customers nationwide,” he said.

Mr Joda commended the CBN governor, Olayemi Cardoso, and the management of the apex bank for the recapitalisation initiative.

According to him, by all standards, the exercise will 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 resources to surpass the customers’, shareholders’, and other investors’ expectations.

“We will do this through real-time delivery of world-class and Shari’ah-compliant financial solutions to meet their needs,” he assured.

The CBN had announced in March 2024 an increase in the minimum capital requirements for licensed banks in the country.

This is part of the apex bank’s regulatory measures to strengthen the banking sector, thereby enhancing its contributions to Nigeria’s economic growth amid growing uncertainties in the global economic system.

(NAN)