TAJBank Limited, one of Nigeria’s leading non-interest financial institutions, has confirmed that it has successfully met the new capital requirement set by the Central Bank of Nigeria (CBN), well before the regulatory deadline. The announcement was made by the Managing Director and Chief Executive Officer of the bank, Hamid Joda, who emphasized that the milestone reflects the lender’s resilience, growth strategy, and the unwavering confidence of its stakeholders.
The CBN had earlier rolled out a recapitalisation policy requiring all deposit money banks in the country to strengthen their capital base. The directive, which was part of wider reforms to reinforce the stability of Nigeria’s financial system, mandated higher capital thresholds for commercial banks, merchant banks, and non-interest institutions. For many financial institutions, the policy set off an urgent drive to raise additional capital through rights issues, mergers, or fresh equity injections. In contrast, TAJBank has emerged as one of the few banks to not only meet but surpass the requirement ahead of time, setting an example for the rest of the industry.
According to Joda, TAJBank’s success was driven by its commitment to operational efficiency, strategic innovation, and prudent risk management practices. He noted that the bank, since its inception in 2019, has maintained profitability, a rare achievement for a relatively young financial institution. He further highlighted that the bank’s ability to mobilize fresh investments in a relatively short time underscores the strong trust its customers and shareholders place in its model of ethical and non-interest banking.
Joda explained that meeting the recapitalisation target gives TAJBank a competitive edge in deepening its market presence and expanding its service offerings. “This achievement is not just about compliance; it is about strengthening our capacity to provide greater financial inclusion, extend credit to productive sectors, and support Nigeria’s economic transformation agenda,” he stated. The CEO assured that the bank would continue to leverage its robust capital base to scale its operations and invest in technological innovation that meets the needs of a fast-evolving financial landscape.
Industry analysts have described TAJBank’s early compliance as a significant development that sends a strong signal to investors and customers about the viability of non-interest banking in Nigeria. Islamic finance, which underpins TAJBank’s operations, prohibits interest charges and instead emphasizes profit-sharing, asset-backed financing, and ethical investment. With more Nigerians seeking alternatives to conventional banking, TAJBank has consistently attracted a growing customer base across different segments of the economy.
Furthermore, TAJBank’s achievement comes at a critical time when the Nigerian banking industry is under pressure to adapt to the changing economic realities of inflation, exchange rate volatility, and declining purchasing power. Many banks are still strategizing on how to raise the required capital within the stipulated timeline. By achieving this milestone early, TAJBank has not only secured regulatory approval but also positioned itself as a trusted player in a competitive market.
In addition to recapitalisation, the bank has expanded its reach across the country through the rollout of more branches, digital banking platforms, and partnerships that support financial inclusion. TAJBank has played a prominent role in extending financial services to underbanked communities, while also supporting small and medium-sized enterprises (SMEs) with non-interest loans designed to promote business growth without the burden of conventional debt.
Joda added that the new capital base would allow TAJBank to broaden its investment portfolio and participate in larger financing projects across critical sectors such as infrastructure, agriculture, and manufacturing. By doing so, the bank hopes to contribute meaningfully to Nigeria’s economic diversification drive and reduce reliance on oil revenues.
Observers have noted that TAJBank’s rise reflects a broader shift in Nigeria’s financial services landscape, where customers are increasingly demanding transparency, ethical practices, and innovative solutions. The bank’s strong financial performance, coupled with its customer-focused approach, has given it a unique position in the market as both a challenger to traditional banks and a pioneer of alternative finance.
As Nigeria continues its recapitalisation journey, stakeholders believe that TAJBank’s success story could serve as a model for other financial institutions. By mobilizing investor confidence, prioritizing innovation, and staying committed to ethical principles, the bank has demonstrated that recapitalisation is not merely a regulatory hurdle but also an opportunity to strengthen foundations for sustainable growth.
With its stronger capital position, TAJBank is set to scale new heights in the Nigerian banking sector. The bank’s management has reaffirmed its commitment to delivering value to its customers, shareholders, and the broader economy. By positioning itself ahead of competitors in regulatory compliance and operational readiness, TAJBank has signaled that it is not just prepared for the future of banking in Nigeria but also actively shaping it.
In the coming years, the lender aims to consolidate its gains by driving digital transformation, expanding its footprint within and beyond Nigeria, and introducing new financial products tailored to meet the evolving needs of its clients. For customers, the bank’s recapitalisation milestone offers assurance of safety, stability, and long-term service delivery. For investors, it reaffirms TAJBank’s status as a trusted institution capable of delivering sustainable returns.
Ultimately, TAJBank’s achievement in meeting the CBN’s recapitalisation threshold is more than just compliance—it is a reflection of visionary leadership, sound strategy, and the growing appeal of non-interest banking as a viable and sustainable alternative in Nigeria’s financial ecosystem.
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