Abuja: TAJBank, one of Nigeria's non-interest banks, has announced that 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 this achievement in a statement.
According to News Agency of Nigeria, Mr. Joda expressed satisfaction with the leadership and support from the bank's board, shareholders, and investors in achieving the mandatory recapitalisation. He stated that this accomplishment positions TAJBank to deliver more customer-friendly and innovative banking services to its expanding customer base across the nation.
Mr. Joda also praised CBN Governor, Mr. Olayemi Cardoso, and the management for their recapitalisation initiative, which he believes will enhance the competitiveness of Nigerian banks in the evolving global banking landscape. He assured stakeholders that TAJBank will continue to prioritize their interests, promising investments in technology, solutions, and human resources to exceed expectations.
The News Agency of Nigeria reports that the CBN had announced an increase in minimum capital requirements for licensed banks in March 2024. This regulatory move aims to strengthen the banking sector, enhancing contributions to Nigeria's economic growth amid global economic uncertainties.