The former NOVA Merchant Bank on Wednesday officially commenced business as a National Commercial Bank, with its first commercial banking operations in its first branch in Lagos.
The transformation of the bank followed the approval by the apex financial sector regulatory authority, the Central Bank of Nigeria (CBN) of the final license to commence operations as a National Commercial Bank.
The Bank said in a statement that in addition to the newly opened branch in Lagos, it would, in the near future, open other branches in Port Harcourt, Kano and the Federal Capital Territory, Abuja.
The Chairman and Founder of NOVA Bank, Phillips Oduoza, said the commencement of commercial banking operations in the bank undsrscores the Bank’s unwavering commitment to focus on the interest of the customer and to deliver exceptional service.
Oduoza announced that the Bank’s operations would be benchmarked with the introduction of the innovative “PHYGITAL” model, as a unique operational trademark of NOVA.
Although he said the Bank would continue with its tradition of excellence established as a merchant bank, Oduoza said it would further extend the banking experience to the retail end of the market.
“As we expand our services, we remain dedicated to delivering an unparalleled banking experience that seamlessly integrates the physical and digital realms,” he said.
“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. This approach will allow us to provide personalised, in-person service where it is most needed, while also offering the convenience and efficiency of cutting-edge digital solutions.”
The Managing Director/CEO of NOVA Bank, Wale Oyedeji, said, “For over half a decade, NOVA has been instrumental to the success of leading corporates and high-net-worth individuals, delivering tailored solutions to meet the unique needs of their businesses.
“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 in the country.
“Through disruptive seamless digital products and services, NOVA is poised to deepen financial inclusion, provide convenient and secure banking solutions, and elevate the small and medium enterprises (SMEs) market as a key economic driver,” he said.
The Bank’s Group Head, Retail and Digital Banking, Mrs. Esther Adino, highlighted the innovative financial solutions that NOVA Bank offers, adding, “At NOVA Bank, we provide a comprehensive suite of banking services tailored to meet the diverse needs of individuals, SMEs, and large corporations.
“Our card solutions will ensure convenience and security for everyday transactions. Our state-of-the-art mobile app empowers customers to manage their accounts, transfer funds, pay bills, and do much more, all from the convenience of their mobile devices.
“Additionally, we offer quick and efficient point of sale (POS) solutions that facilitate seamless transactions for SMEs and large businesses, along with flexible account options designed to cater to the varied financial needs of our customers,” she said.
Since its inception in 2018, the Director said NOVA Bank has firmly established its presence in Nigeria’s banking landscape and beyond.
Despite its relatively young presence in the industry, spanning just over five years, she said NOVA has consistently surpassed market expectations, posting profits and strengthening its position as an investment grade leading financial institution, both domestically and globally.
The issuance of the national commercial banking license, she noted, underscores CBN’s confidence in the strength of the Bank, reflecting its robust financial health, good governance, and commitment to excellence.
