Zenith bank takes steps to meet CBN’s N500bn capital requirement

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Zenith Bank Plc has announced its proactive measures to comply with the Central Bank of Nigeria’s (CBN) new capitalization requirement of N500 billion. The bank revealed its strategy in its recently released annual report for 2023.

In response to the CBN’s unveiling of new minimum capital requirements for banks in March, Zenith Bank emphasized its transition to a holding company structure, which it expects to complete in 2024. This transition is seen as pivotal in positioning the bank to explore opportunities in the fintech space and enhance its digital and retail banking initiatives.

Acknowledging the urgency of meeting the new capital threshold, Zenith Bank stated its intention to take necessary actions to ensure compliance within the timeframe specified by the CBN. Zenith Bank is projected to raise approximately N229.26 billion by 2026, focusing on share capital and share premium as recognized components of banks’ capital base by the CBN.

Source: Punch

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