Nova Bank begins operation as national commercial bank

NOVA Bank Limited, formerly known as NOVA Merchant Bank, says it has officially commenced operations as a national commercial bank.

The development came after the Central Bank of Nigeria (CBN) approved “a final licence”, allowing the bank to operate as a national commercial bank.

In January, the bank had announced its readiness to transition to a full commercial banking business.

Speaking on its latest move in a statement on Wednesday, NOVA said it has opened its first commercial banking branch in Victoria Island (VI), Lagos, adding that there will be more branches in the state as well as Abuja, Port Harcourt, and Kano.

Speaking on the milestone, Phillips Oduoza, chairman and founder of NOVA Bank, emphasised the firm’s unwavering commitment to its customers and exceptional service delivery.

“We are pleased to continue our tradition of excellence established as a merchant bank and further extend the banking experience to the retail end of the market,” Oduoza said.

“As we expand our services, we remain dedicated to delivering an unparalleled banking experience that seamlessly integrates the physical and digital realms.

“Our trademarked PHYGITAL experience combines a select number of strategically located physical branches with high-tech, seamless digital banking capabilities, ensuring that our customers receive the best of both worlds.”

Oduoza said the approach allows the bank to provide personalised and in-person service, while also offering the convenience and efficiency of cutting-edge digital solutions.

On his part, Wale Oyedeji, managing director and chief executive officer (CEO) of NOVA Bank, said the organisation has been instrumental in the success of leading corporations and high-net-worth individuals for over half a decade, providing customised solutions to meet their unique business needs.

“As we evolve to serve a broader customer base, we remain committed to delivering innovative services, building on our legacy as a leading Merchant Bank,” he said.

Oyedeji said the bank plans to enhance financial inclusion, provide secure banking solutions, and boost the small and medium-sized enterprises (SMEs) market as a key economic driver, through disruptive digital products and services.