Nova Bank Focuses on Everyday Nigerians and SMEs

Jude Anele, the Managing Director and Chief Executive Officer of Nova Commercial Bank Limited, stated that the bank has been designed to cater to everyday Nigerians rather than just large corporations. He highlighted the bank's strategy, which focuses on underserved communities and small businesses, particularly in Nigeria's economy.

Anele noted that despite the significant role of small and medium enterprises (SMEs) in economic activity, many remain excluded from formal banking services. The bank aims to bridge this gap by targeting areas with strong business demand and employing a "phygital" model that integrates digital innovation with physical presence.

Nova Commercial Bank plans to expand its operations by opening nine additional branches and enhancing its technological infrastructure. The bank's approach emphasizes cash flow intelligence over traditional collateral-based lending, aiming to support SMEs and retail clients effectively.

Anele also mentioned the importance of establishing relationships with clients to assess risk accurately and ensure sustainable growth.