Another Commercial Bank Begins Operation in Nigeria, Opens New Branches
- Greenwich Bank has commenced commercial banking operations in Nigeria with the opening of three branches in Lagos
- The new branches are located in Surulere, Ikoyi and Victoria Island and will serve individuals, SMEs and corporate customers
- The bank said it plans to expand its physical presence while strengthening its digital banking services
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks and general market trends.
Another financial institution has expanded into Nigeria’s commercial banking market as Greenwich Bank begins operations with the opening of three branches in Lagos.
The bank opened its new outlets in Surulere, Ikoyi and Victoria Island on Friday, October 2, marking a major step in its transition from merchant banking to commercial banking.
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The Ikoyi branch was commissioned on behalf of Lagos State Governor Babajide Sanwo-Olu by the Commissioner for Finance, Abayomi Oluyomi.
Sanwo-Olu said Greenwich Bank could contribute to economic growth in Lagos by providing financial services and supporting businesses and individuals.
He said the bank’s experience in Nigeria’s financial services sector would position it to play a role in expanding business opportunities across the state.
The governor said:
“Greenwich Bank’s presence in Lagos will help widen business opportunities and provide stronger financial support for businesses and customers across the state.”
Greenwich Bank plans further expansion
Group Chairman of Greenwich Holdings Limited, Kayode Falowo, said the bank would establish additional branches in locations covered by its regional authorisation from the Central Bank of Nigeria, Punch reports.
He said the lender would use its experience in institutional banking to provide services to a wider customer base, including market traders, SMEs and corporate clients.
Falowo added that the physical branches would operate alongside the bank’s digital channels, allowing customers to access services through both traditional and technology-driven platforms, BusinessDay reports.
Chairman of Greenwich Bank Limited, Segun Olekutuyi, described the branch openings as a major milestone in the bank’s development.
He said the lender would focus on delivering quality products and services while maintaining integrity, speed and value for customers.
Bank targets wider customer base
Group Chairman of Nigerian Exchange Group, Umaru Kwairanga, commended Greenwich Bank’s board for its expansion and development over the years.
He said the lender had an opportunity to contribute to the growth of Nigeria’s financial market and support customers despite the competitive banking environment.
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Group Managing Director of Greenwich Holdings Limited, Oyewale Ariyibi, said the group would continue to strengthen its capital base, expand its retail financial services operations and accelerate its digital transformation.
Ariyibi said the bank’s expansion formed part of a wider strategy to develop a financial services group offering banking, asset management, securities and other related services.
Managing Director of Greenwich Bank Limited, Benson Ogundeji, said the new branches would improve customers’ access to the bank’s expanded range of services.
He said the commercial banking licence would allow Greenwich Bank to build on its corporate and institutional banking background while extending its services to individuals, SMEs and other businesses.
Paystack Microfinance Bank begins operations
In another development, Legit.ng reported that Paystack has expanded its financial services offering with the launch of Paystack Microfinance Bank (MFB), following its acquisition of Ladder Microfinance Bank.
The Nigerian fintech company introduced the new subsidiary as part of activities marking its 10th anniversary.
Paystack started operations in Nigeria with the aim of making digital payments easier for businesses and has since expanded its services into five African markets.
Source: Legit.ng
