NOVA Bank Limited, formerly NOVA Merchant Bank, has officially commenced operations as a national commercial bank. With the approval of a final licence from the Central Bank of Nigeria (CBN), NOVA Bank is set to revolutionise the banking experience in Nigeria through its innovative PHYGITAL approach, which combines strategically located physical branches with advanced digital banking capabilities.
NOVA Bank’s PHYGITAL model is designed to provide customers with a seamless blend of physical and digital banking experiences. Chairman and Founder Phillips Oduoza emphasised the bank’s commitment to delivering unparalleled service. “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. This approach allows the bank to offer personalised, in-person service while providing the convenience and efficiency of cutting-edge digital solutions.
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NOVA Bank’s Strategic Locations for Enhanced Accessibility
NOVA Bank has inaugurated its first commercial banking branch in Victoria Island (VI), Lagos, with plans to open additional branches in Lagos, Abuja, Port Harcourt, and Kano.
These strategic locations are part of the bank’s efforts to enhance financial inclusion and provide secure banking solutions to a broader customer base, including small and medium-sized enterprises (SMEs).
Managing Director and CEO Wale Oyedeji emphasised the bank’s focus on innovation and customer service. “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 added that the bank’s expansion aims to boost the SME market, a key driver of economic growth in Nigeria, through disruptive digital products and services.
NOVA Bank’s Commitment to Economic Growth and Job Creation
Less than a week ago, Lagos State Governor Babajide Sanwo-Olu commended NOVA Bank for its resilience and vision during the inauguration of the bank’s new business office. He praised the bank’s decision to expand its services despite economic challenges and highlighted its contributions to Lagos’ conducive business environment.
“The NOVA team had the choice to remain in the merchant banking space or expand, and they chose the latter, committing additional resources to remain competitive and impactful,” Sanwo-Olu stated.
Sanwo-Olu assured that the government would continue to provide an enabling environment for businesses to thrive, expressing optimism about the bank’s role in job creation and economic stabilisation.
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NOVA Bank’s Innovative Approach to Economic Stabilisation
NOVA Bank’s innovative PHYGITAL approach and strategic expansion are expected to support President Bola Ahmed Tinubu’s administration’s economic stabilisation and job creation goals. The bank’s focus on delivering an exceptional banking experience through physical and digital solutions positions it as a leader in the Nigerian banking sector.
Oduoza also mentioned that the bank’s shareholders are prepared to meet future recapitalisation requirements, demonstrating their confidence in its growth trajectory. He highlighted the bank’s efforts to attract top-grade talent and state-of-the-art technology to effectively serve the retail and SME sectors.
Established in 2018, NOVA Bank is poised to impact Nigeria’s banking landscape significantly. With its expansion into the commercial banking sector and innovative approach to combining physical and digital banking experiences, NOVA Bank is set to deliver unparalleled service and drive economic growth across the country. The bank’s commitment to financial inclusion, innovation, and customer focus promises to redefine Nigerians’ banking experience.
