Summit Bank Limited has announced meeting the new minimum capital requirement set by the Central Bank of Nigeria (CBN), ahead of the March 2026 deadline.
In a press statement, the bank disclosed that it was licensed by the regulator 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 lender disclosed that 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.
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.
In late 2023, the CBN updated capital requirements for banks, mandating international banks to N500 billion, national commercial banks to N200 billion, regional commercial banks to N50 billion, and non-interest banks to N20 billion (national) or N10 billion (regional), with a deadline of March 31, 2026.
The policy was to enhance financial stability, leading many banks to raise capital through equity or mergers.
Business Post reports that with two months until the deadline is reached, a number of financial banks are yet to meet their required baseline, raising worries about mergers or even the possibility of an extension by the apex bank.