Five major Nigerian banks are raising capital to meet new Central Bank of Nigeria requirements.
They plan to invest $1.20 billion from the funds raised into technology upgrades and enhancing cybersecurity measures.
Guaranty Trust Holding Company, Access Holdings, Zenith Bank, Fidelity Bank, and FCMB Group will use a significant portion of their capital to improve their IT infrastructure.
These investments aim to strengthen their operations and protect against rising cyber threats.
The move comes as banks face increasing cyberattacks, highlighting the need for robust security systems.
The capital raise also addresses a significant capital shortfall across the banking sector.