Summit Bank Limited has announced that it has fully met the new minimum capital requirement set by the Central Bank of Nigeria (CBN), well ahead of the March 2026 deadline.
In a press statement issued on Monday, the bank disclosed that it was licensed by the CBN as a regional non-interest bank with a minimum capital requirement of N10 billion. However, as of May 21, 2025, the apex bank had confirmed Summit Bank’s regulatory capital at N15.3 billion, placing it comfortably above the stipulated threshold.
The bank said the achievement reflects the strong confidence of its shareholders, as well as the effective leadership provided by its Board of Directors and management team, alongside the sustained loyalty of its customers.
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According to the statement, attaining full compliance ahead of schedule positions Summit Bank to deepen its role in supporting economic development, expanding financial inclusion, and delivering innovative, ethical financial solutions in line with non-interest banking principles.
Summit Bank added that its strengthened capital base would further reinforce its long-term commitment to operational excellence, financial stability, and customer-focused service delivery across its regional operations.
The Central Bank of Nigeria (CBN) recently updated capital requirements for banks, mandating international banks to N500bn, national commercial banks to N200bn, regional commercial banks to N50bn, and non-interest banks to N20bn (national) or N10bn (regional), with a deadline of March 31, 2026, to enhance financial stability, leading many banks to raise capital through equity or mergers.