Signature Bank has commenced operations in Nigeria with the aim of deepening financial inclusion, targeting over 40 million citizens who lack bank accounts or are under-banked across the country.
Speaking at the inauguration of the bank at its Abuja headquarters, the founder, Signature Bank, Alex Otti, said the financial institution was established to redefine the industry by delivering seamless access to financial services.
Citing statistics from the Nigeria Inter-Bank Settlement System Plc, Otti observed that there were just about 55 million bank accounts as at May 2022, while an estimated 42 million people had no access to financial services.
He stated that the provision of personalised services to these category of customers required a different kind of mind-set, which Signature Bank exemplified.
He admitted that the bank would operate in an industry that was saturated with several competing banks, but pointed out that Signature Bank would fill the customer experience vacuum that other banks had left unmanned.
Otti said, “Signature Bank 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.”
Otti added, “In all these, what customers expect from their bank is not too tall an order. What customers across different business segments are looking for is a bank that fits their aspirations, their personal stories and their lifestyle.
“In other words, customers want a bank that puts them first. So, we set out to build a bank that challenges the status quo, that is future-forward, embraces change and impacts the lives of the people we serve. A bank that leaves no one behind.”