NOVA Bank commences National Commercial operations

…Launches ‘PHYGITAL’ Technology to Enhance Customer Experience

NOVA Bank, formerly NOVA Merchant Bank, has officially commenced operations as a National Commercial Bank, inaugurating its first commercial banking branch at 18, Kofo Abayomi Street, Victoria Island. This follows the Central Bank of Nigeria’s (CBN) approval of the final license for the bank to operate as a National Commercial Bank.

In addition to the new branch in Victoria Island, NOVA Bank has announced plans to open additional branches in Lagos, Abuja, Port Harcourt, and Kano in the near future.

Phillips Oduoza

Chairman and Founder of NOVA Bank, Mr. Phillips Oduoza, emphasized the bank’s commitment to customer focus and delivering exceptional service. He introduced the innovative “PHYGITAL” model, a hallmark of NOVA Bank. “We are pleased to continue our tradition of excellence established as a merchant bank and extend this experience to the retail market. Our trademarked PHYGITAL experience seamlessly integrates physical and digital banking, ensuring that our customers receive the best of both worlds,” Oduoza stated.

Customer-Centric Approach

Wale Oyedeji

Managing Director/CEO Wale Oyedeji highlighted the bank’s evolution to serve a broader customer base while maintaining its legacy of delivering innovative services. “For over half a decade, NOVA has been instrumental to the success of leading corporates and high-net-worth individuals. As we expand, we remain committed to providing innovative services that deepen financial inclusion and support the SME market,” Oyedeji said.

Comprehensive Financial Solutions

Group Head of Retail and Digital Banking, Mrs. Esther Adino, outlined the diverse financial solutions offered by NOVA Bank. “Our comprehensive suite of services caters to individuals, SMEs, and large corporations. Our card solutions ensure convenience and security for everyday transactions, and our state-of-the-art mobile app empowers customers to manage their accounts, transfer funds, pay bills, and more. Additionally, our POS solutions facilitate seamless transactions for businesses, and our flexible account options meet the varied financial needs of our customers,” Adino explained.

A Rising Presence

Since its inception in 2018, NOVA Bank has firmly established its presence in Nigeria’s banking landscape and beyond. Despite its relatively young age, NOVA has consistently exceeded 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 the CBN’s confidence in the bank’s robust financial health, good governance, and commitment to excellence.