CBN Approves NOVA Bank’s Shift to National Commercial Banking

NOVA Bank Limited, formerly known as NOVA Merchant Bank, has announced that it has officially commenced operations as a national commercial bank.
The development comes after the Central Bank of Nigeria (CBN) granted the bank a “final license” enabling it to operate as a national commercial bank. The bank had announced in January that it was ready to transition to purely commercial banking operations.

In a statement on Wednesday on the latest development, NOVA announced that it had opened its first commercial bank branch in Victoria Island (VI), Lagos, adding that it would have branches in the state as well as Abuja, Port Harcourt, Kano and Lagos
Speaking at the milestone, Chairman and Founder, NOVA Bank, Mr. Phillips Oduoza, stressed the company’s unwavering commitment to its customers and excellence in service delivery. “We are excited to continue the tradition of excellence we have established as a commercial bank and expand our banking experience to the retail market,” Oduoza said.

“As we broaden our services, we remain steadfast to providing an unparalleled banking experience that seamlessly connects the physical and digital worlds. Our trademarked PHYGITAL experience combines strategically located, select physical branches with cutting-edge, seamless digital banking capabilities, ensuring our customers get the best of both worlds, providing personalized service while offering the convenience and efficiency of cutting-edge digital solutions,” Oduoza added.
NOVA Bank Managing Director and CEO, Wale Oyedeji, said the bank has been contributing to the success of leading corporations and high-net-worth individuals for over half a decade, providing solutions tailored to their unique business needs.
“As we evolve to serve a broader customer base, we remain committed to providing innovative services and building on our tradition as a leading commercial bank,” he said.
Oyedeji said the bank plans to improve financial inclusion, provide secure banking solutions, and boost the Small and Medium Enterprise (SME) market as a key economic driver through pioneering digital products and services.