Jaiz Bank Plc has received a national scale long-term issuer rating from BBB-(NG) to BBB(NG), with the outlook revised from positive to stable.
The Nigerian pioneer non-interest bank was upgraded by GCR Ratings, a leading rating agency in Africa.
In a statement on Wednesday, September 24, the Managing Director/Chief Executive Officer, Haruna Musa, reaffirmed the bank’s commitment to building a resilient financial institution that contributes meaningfully to Nigeria’s economic growth.
“We are pleased to announce that GCR Ratings has upgraded Jaiz Bank Plc’s national scale long-term issuer rating from BBB-(NG) to BBB(NG). This milestone reaffirms our focus on deepening financial inclusion, driving innovation, and upholding the principles of ethical, Shariah-compliant banking,” Musa stated.
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According to him, the upgrade reflects Jaiz Bank’s strong financial performance, robust risk management practices, and steady progress in strengthening its balance sheet and profitability.
He stated further that the recognition consolidates Jaiz Bank’s leadership as Nigeria’s pioneer non-interest bank.
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“We remain committed to creating sustainable value for all stakeholders and contributing to the growth of the Nigerian economy,” Musa stated.
Additionally, he expressed gratitude to the bank’s board, management, staff, customers, regulators, and stakeholders for their unwavering trust and support in achieving the milestone.
Pinnacle Daily reports that Jaiz Bank is currently among the 14 banks that have met the Central Bank of Nigeria (CBN) recapitalisation requirements.
In August, the bank said it had received shareholders’ approval to raise its capital base to N150 billion.
The CEO hinted at this, explaining that in the next year, the plan is to raise our capital to a minimum of N100 billion, and in the next three years to a minimum of N200 billion.
“So, we will recapitalise Jaiz Bank beyond the minimum regulatory requirement,” Musa said.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
