Duroha: With Covid-19, Banks Must Be Creative in Product Offering
The Chief Executive Officer/Managing Director, Nova Merchant Bank Limited, Mr. Anya Duroha, in this interview advises financial institutions to look beyond their traditional means of operation and embrace innovation. He also speaks about the performance of the three-year old bank as well as shed more light on its recent bond offering. Obinna Chima brings the excerpts:
How has the bank performed since its establishment in the past three years and particularly, how has the virus impacted your operations this year? A strategy document is a living document and we would keep tweaking it to bring it in line with prevailing conditions. But at the core of Nova Merchant Bank, from inception we knew we were going to run a very lean structure that would depend a whole lot on technology, to do business. As a matter of fact, at the beginning, the question we kept asking our client was why do you need to go to a bank? At Nova we don’t even see the need for our customers to go to a bank.
What is the outlook for the bank and also, how are you coping with the continuous Cash Reserve Requirement deductions by the CBN or are you not affected?
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