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Signature Bank debuts in Abuja, targets 40million customers

Signature Bank, a licenced commercial bank by the Central Bank of Nigeria, has launched operations into Nigeria’s banking sector with a target of capturing over…

Signature Bank, a licenced commercial bank by the Central Bank of Nigeria, has launched operations into Nigeria’s banking sector with a target of capturing over 40 million underserved Nigerians. 

Alex Otti, the founder of the bank and former Group Managing Director/CEO of defunct Diamond Bank, speaking while at the launch of the bank’s headquarters in Abuja yesterday, said the bank will   redefine the industry,  impact on the lives of customers through seamless access to financial services, while leveraging much more simpler and flexible digital solutions.

Otti said, “There were just about 55 million accounts in the country as at May 2022, and at least  42m people in Nigeria have no access to financial services.  

“These 42 million Nigerians who have no access to disruptive financial services need to be brought into the banking services net, and serving them requires a different kind of mind-set which Signature Bank proudly has.”  

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He explained that the birth of Signature Bank was driven by a yawning gap created by repeated unresolved complaints, poor responsiveness, and unsavory customer experience encountered regularly from the banks it did business with. 

“It came from a yearning for simplicity and ease of doing business and a less than adequate attention to the dynamic needs of the customer, not just within Nigeria, but across continents; for example, paying your child’s school fees, trading with partners overseas, settling bills without leaving the comfort of your home and making payments seamlessly. Interestingly, even as banks’ strategies, products and service offerings multiplied, the changing demographics and dynamics had customers increasingly yearning for more and demanding simpler and more flexible digital solutions,” he added.

The CEI said the bank is already working to open several locations across Nigeria, including Port Harcourt, Aba, Sokoto, Owerri, Onitsha, Kano, Enugu and in other metropolitan cities around the country. 

Daily Trust understands that the board of the bank will be led by the former CEO of Shell Companies in Nigeria and current Chairman of Julius Berger, Mutiu Sunmonu.

Sunmonu, in his address, reiterated the vision to revolutionise the financial services industry and impact the lives of customers in a positive way. 

The board chairman assured that the bank will provide customers with easy, accessible, and borderless financial services, driven largely by digital solutions.


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