NOVA Bank takes flight as national commercial bank after CBN approval
Business a.m.
Phillips Oduoza, chairman and founder of NOVA Bank
NOVA Bank, formerly known as NOVA Merchant Bank, has officially transitioned into a fully-fledged National Commercial Bank, launching its first commercial banking branch at 18, Kofo Abayomi Street, Victoria Island.
Building on the Central Bank of Nigeria’s (CBN) approval of its final license to operate as a national commercial bank, NOVA Bank has wasted no time in setting up shop as a fully-fledged commercial bank, with its first branch now open in Lagos, Nigeria’s commercial nerve centre.
The bank also indicated that the opening of its Victoria Island branch is just the beginning, with plans to rapidly expand its presence across Nigeria’s major cities, including additional branches in Lagos, Abuja, Port Harcourt, and Kano.
Speaking on the commencement of its commercial banking operations, Phillips Oduoza, chairman and founder of NOVA Bank, emphasised the bank’s unwavering commitment to customer focus and delivering exceptional service.
Oduoza also seized the opportunity to introduce the innovative “PHYGITAL” model, which according to him, is a trademark of NOVA.
He said, “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. 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. This approach allows us to provide personalised, in-person service where it is most needed, while also offering the convenience and efficiency of cutting-edge digital solutions.”
Wale Oyedeji, the managing director/CEO of NOVA Bank, remarked that 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.
Oyedeji also reiterated the bank’s commitment towards evolving to serve a broader customer base, while delivering innovative services and building on its legacy as a leading merchant bank.
He added, “Through disruptive seamless digital products and services, we are poised to deepen financial inclusion, provide convenient and secure banking solutions, and elevate the SME market as a key economic driver.”
Esther Adino,the bank’s group head, retail and digital banking, 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 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 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.”
In the relatively short span of five years since its establishment in 2018, NOVA Bank has made significant strides in the Nigerian banking sector, establishing itself as a leading and investment grade financial institution both in the domestic and international markets.
NOVA’s journey has been marked by consistent profitability, a testament to its strong fundamentals and strategic positioning, cementing the Bank’s reputation as a formidable player in the industry, despite being a relatively new entrant into the market.
According to the bank, the issuance of the national commercial banking license underscores the CBN’s confidence in its banking capability, reflecting its robust financial health, good governance, and commitment to excellence