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Dr. Alex Otti, who is the Labour Party governorship candidate in Abia State, on Monday in Abuja commended the Central Bank of Nigeria (CBN) for thoroughly taking him through the approval process that lasted over three years before he was granted a license to float Signature Bank.
Speaking at the unveiling of the bank, Otti who is the founder of the bank asserted the new bank was established with the aim of giving attention to the needs of the customers as well as meeting and satisfying their desired financial yearnings.
According to him, one of the reasons for the establishment of the bank was because of the unresolved complaints by customers of various commercial banks in Nigeria and poor responsiveness of the institutions to challenges arising from financial transactions.
Otti who was a Managing Director of the defunct Diamond Bank said the journey to establish the bank started in 2017.
Read Also: Abia 2023: Why I Left Banking For Politics – Alex Otti
He said he was not going to hold any active position in the bank, but has decided to give opportunities to the younger generation to pilot the affairs of the financial institution.
He said: ‘The journey began in 2017, driven by a yawning gap we identified, a vacuum created by repeated unresolved complaints, poor responsiveness, and unsavory customer experience encountered regularly from the banks we 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.
“Welcome to the brand new world of artificial intelligence, robotics and 3D Printing! In fact, welcome to the world of Innovation, Convergence and 4th Industrial Revolution!
‘In all these, what customers demand is not far-fetched. What they 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 lifestyles.
‘In other words, customers want a bank that puts them first. So, we set out to build a bank to challenge the status quo, that is future-forward, embraces change and impacts the lives of the people we serve.’
Speaking further, he said: ‘Building on the learning points and successes of taking the erstwhile Diamond Bank from a loss position in 2011, to becoming one of the eight Systemically Important Banks (SIBs) in Nigeria, a retail trailblazer and pioneer in mobile/digital banking, we set about to envision a new way of banking. A bank that leaves no one behind.
“I cannot end this short speech without paying tribute to the management of the central bank which thoroughly took us through the approval process that lasted over 3 years.
“To my partners who had put down their money for years, we thank you for the belief and faith in us. To the pioneer directors, management and staff, we say thank you for the very hard work you have done so far, not forgetting that the reward for hard work is more work.
“And most importantly, to the creator of the universe who enabled us to put all these together and blessed us with all these relationships, we return all the glory to Him. Thank you all for your time and do enjoy the rest of today’s proceedings.”
Speaking Earlier, the Chairman of the board of directors of the Bank, Mutiu Sunmonu said the vision would revolutionise the financial services in Nigeria.