Jaiz Bank has successfully listed the N10.04 billion proceeds from its private placement on the Nigerian Exchange Group (NGX), following regulatory approvals by   the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC).

This places the bank among the few banks that have already met the new capital requirements of the CBN, ahead of the June 2026 deadline.

The bank in a statement yesterday indicated that its financial position remained robust, with a well-structured, diversified, and resilient balance sheet.

“Total assets currently stand at ¦ 1.06 trillion, while shareholders’ funds have reached ¦ 47.9 billion,” it said.

Speaking on the successful capital-raising exercise, the Chief Executive Officer of the bank, Dr. Haruna Musa, “This achievement underscores the commitment of the board and management to adding value to our customers by providing bespoke ethical finance solutions.

“Jaiz Bank is well-positioned to compete effectively on all fronts, fulfilling customer needs through ethical and innovative financing. Despite a challenging operating environment, we have demonstrated resilience and achieved remarkable growth across financial and non-financial metrics. This positions us firmly on track to becoming the leading ethical bank in Africa.”

He emphasized the bank’s strategic focus, saying: “Looking ahead, we will continue strengthening relationships with our loyal customers while attracting new ones.

“Through our digital platforms, innovative products, and services, we aim to support individuals, businesses, and communities alike. Our journey to lead the future of ethical finance in Africa remains unwavering, as we stay committed to excellence and delivering long-term value to all stakeholders.”

Jaiz Bank’s performance metrics highlight its exceptional growth and operational efficiency. Key financial ratios include a Return on Equity (ROE) of 60.74% and a Return on Assets (ROA) of 2.18%.

The achievement reinforces Jaiz Bank’s position as a leader in ethical banking, further solidifying its commitment to providing innovative financial solutions  to its customers.

The World Bank is set to decide on three major loan projects for Nigeria in 2025, totalling $1.65bn, as part of efforts to address critical developmental challenges in the country.

The loans, currently in the pipeline, will focus on internally displaced persons, education, and nutrition enhancement.

According to information obtained from the World Bank’s website, the loans are designed to support Nigeria’s social and economic recovery, particularly in vulnerable sectors requiring urgent intervention.

The first project, titled Solutions for the Internally Displaced and Host Communities Project, has a commitment amount of $300m and is scheduled for approval on April 8, 2025.

The project, which remains at the concept review stage, seeks to provide sustainable solutions for internally displaced persons and their host communities, addressing their social and economic challenges.

The second project, HOPE for Quality Basic Education for All, is expected to receive $553.8m in financing.

Its approval is slated for March 20, 2025, and it also remains in the concept review phase.

The third project, Accelerating Nutrition Results in Nigeria 2.0, involves the largest share of the proposed loans, with a commitment of $800m.

The World Bank is expected to hold a decision meeting on the project by February 20, 2025.

The $1.65bn financing package reflects the World Bank’s continued commitment to supporting Nigeria’s ongoing reforms.

The World Bank’s schedule indicates that decisions on these loans will be made in early 2025, with Nigeria’s ability to meet project prerequisites and demonstrate accountability in implementation likely to play a key role in getting the funds.

The Central Bank of Nigeria (CBN) has restricted Point of Sales (PoS) agents to a daily transaction limit of N1.2 million. The apex bank revealed this in its ‘Circular on Cash-Out Limits for Agent Banking Transactions,’ released on Tuesday.

It noted that this is in line with its ongoing efforts to advance a cashless economy. “The Bank hereby releases the following policy interventions, which have become necessary to enhance the use of electronic payment channels for agency banking operations,” the circular signed by Oladimeji Yisa Taiwo for the Director, Payments System Management Department, read.

According to the Nigerian Financial Services Report, agency banking (Point of Sale [PoS] and mobile money) is one of the major ways people without bank accounts get money from people outside their community and is a key enabler of financial inclusion. As of July 2024, Nigeria had 3.05 million deployed PoS and 4.06 million registered PoS terminals, according to the Nigeria Interbank Settlement System Plc.

Part of this policy intervention also set a cash withdrawal limit per customer (regardless of channel) at N500,000 per week.

All agent banking terminals are now set to a daily maximum transaction cash-out limit of N100,000 per customer, and an agent’s daily cumulative cash-out limit is now pegged at N1.2 million.

Also, agent terminals must be connected to a Payment Terminal Service Aggregator (PTSA). “Ensure that all daily transactions per agent, including withdrawals, limits of transactions, and balances in the float accounts of each agent, are sent electronically to NIBSS as a report to the CBN. The template of this report will be sent to principals,” the apex bank noted.

According to the CBN, agent banking services are now to be demarcated from merchant activities, and agents must apply the approved Agent Code 6010 for agent banking activities.