14-month-old Nigerian Bank Opens 2 Branches, Ready to Compete with Access, Zenith, Others

• Signature Bank, which commenced operations in Nigeria recently, has established two branches in the eastern part of the country
• The bank stated that the Umuahia and Aba branches would improve accessibility to both new and current clients
• According to the bank, the development signified a big step as it looked to grow its network further

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

Signature Bank has launched two new branches in the country. The new divisions are located in Umuahia and Aba, both in Abia state.

A statement from the bank on Wednesday confirmed the development, according to a Punch report.

Signature Bank launched its operations in the Nigerian banking sector on Monday, November 21, 2022.

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The 14-month-old bank said its unique services are expected to deepen Nigeria's financial inclusion, targeting over 40 million unbanked and underbanked citizens.

Expansion drive is significant for Signature bank

The bank said that the development represented a critical turning point in its efforts to broaden its network in the area.

The bank's spokesman, Ayona Trimnell, stated that the Umuahia and Aba branches would improve accessibility so that new and current clients may take advantage of a wider range of financial products and services catered to each region's unique requirements.

She said:

“We are excited to formally announce the opening of Signature Bank Umuahia and Aba branches. This market entry underscores our commitment to serving our customers and providing them with convenient banking solutions where they live and work.

“Aba and Umuahia are vibrant economic hubs with thriving business communities. By establishing a presence in these cities, we plan to support these markets and connect with businesses and individuals seeking reliable and innovative financial solutions.”

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New Nigerian bank set to commence operations

Legit.ng reported that the Nigerian Legion announced that it will establish a microfinance bank so its members can obtain soft loans free from the typical restrictions of commercial banks.

Major General Abdul Malik Jibril, the chairman of the Nigerian Legion, disclosed this at a news conference in Abuja, according to a Daily Trust report.

Legit.ng earlier reported that another commercial bank began operation in Nigeria, appointing MD to rival Zenith, Access, and Others.

Source: Legit.ng