Access, GTB, Zenith Set to Get New Rival as NOVA Gets Approval to Transition into Commercial Bank

• NOVA Merchant Bank will now begin the process of transitioning into full commercial banking business
• The bank's shareholders have already approved the plan, with efforts on to secure the commercial banking license from CBN
• The Chairman, of NOVA Merchant Bank, Phillips Oduoza believes the transition when completed will position the bank as a leading player in the Nigerian banking industry

NOVA Merchant Bank will be going into commercial banking business and challenge Access, Zenith and other Nigerian commercial banks for customers.

This was disclosed at the company's 6th Annual General Meeting in Lagos, Punch reports.

At the meeting, the company’s NOVA board of directors received approval from its shareholders to commence the transition plan.

NOVA was founded in 2017 and began operations as a CBN licensed merchant bank in February 2018.

Read also

Naira experiences biggest Fall, trades for N870 per dollar as CBN pegs exchange at N770.889 per dollar on website

NOVA speaks

Phillips Oduoza, the Chairman of NOVA Merchant Bank explained that the decision to transition into commerical banking business will help the bank further streamline its operations, bolster its financial stability, and foster sustainable growth across its businesses.

He said:

" I am excited about the prospects of NOVA as we embark on this new growth phase. This strategic move is in line with our vision of expanding operations and diversifying services while providing exceptional services to our valued customers.”.

Also NOVA’s Managing Director,Nath Ude, said, that with the new license, the bank was poised to extend its range of financial services throughout Nigeria.

When the transition is completed it is expected that the bank will announce a new name to reflect the change in its new operation.

Checks by Legit.ng shows that NOVA merchant bank as at the end of of December 2022, total assets is at N279.9bn,

Read also

Banks’ credit to households, businesses, government rise by 17% to N84trn in one month, keep CBN promises

While its profit before tax recorded in 2022 stands at N3.50bn and profit after tax is N3.21bn.

CBN orders banks to demand customers' social media accounts, 9 other information

Meanwhile, the Central Bank of Nigeria in its push to ensure financial institutions are not havens for criminals has announced a new set of instructions for banks.

The instructions to banks and other financial institutions include that customers' bank accounts should also have details of their social media handles.

CBN hopes the move will enhance its fight against money laundering, terrorism financing, and proliferation financing.

Source: Legit.ng