In a press statement issued on Monday, the bank said it is licensed by the CBN as a regional non-interest bank, which carries a minimum capital requirement of N10 billion. However, as of May 21, 2025, the CBN confirmed Summit Bank’s regulatory capital at N15.3 billion—well above the required threshold.
The bank attributed the milestone to the confidence of its shareholders, the leadership of its board and management, and the loyalty of its customers.
According to Summit Bank, the early compliance positions the institution to deepen its contribution to economic development, expand financial inclusion, and deliver innovative and ethical financial solutions aligned with non-interest banking principles.
The bank also said that its strengthened capital base would support long-term stability and operational excellence across its regional operations, enhancing customer-focused service delivery.
The CBN recently revised capital requirements for Nigerian banks, setting new thresholds aimed at strengthening financial stability. Under the updated framework, international banks must maintain N500 billion, national commercial banks N200 billion, regional commercial banks N50 billion, and non-interest banks N20 billion (national) or N10 billion (regional). The deadline for compliance is March 31, 2026, prompting many banks to pursue capital raises through equity and mergers.
Summit Bank’s early compliance underscores its readiness to meet regulatory standards and support the growth of Nigeria’s non-interest banking industry.