NOVA Bank Begins National Commercial Banking Operations


July 4, 2024.

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Azonuchechi Chukwu.

NOVA Bank Limited has commenced commercial banking operations with national authorisation following an approval from the Central Bank of Nigeria (CBN), according to official statement.

This followed an upgrades from merchant bank licence with limited focus to national commercial financial institution in an efforts to widen its business with aim to deepening its footprint in the Nigerian economy.

Also, the Bank said it will anoounce the launch of its first branch within the next two weeks, to be followed by additional branches in Lagos, as well as in Abuja, Port Harcourt, and Kano, shortly from now.

Speaking on the commencement of commercial banking operations, Mr. Phillips Oduoza, Chairman and Founder of NOVA Bank, emphasized the Bank’s unwavering commitment to customer focus and delivering exceptional service while introducing the innovative “PHYGITAL” model, a trademark of NOVA. He stated,

“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 personalized, 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, added, “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. 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”.

Mrs. Esther Adino, Group Head, Retail and Digital Banking, highlighted innovative financial solutions that NOVA Bank offers: “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.”

Since its inception in 2018, 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, 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 underscores CBN’s confidence in the strength of the bank, reflecting its robust financial health, good governance, and commitment to excellence. (

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247news
Azonuchechi Chukwu - Business Journalist at Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the team.

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