Greenwich Bank Begins Commercial Banking With Three Lagos Branches

Greenwich Bank has commenced commercial banking operations in Nigeria, opening three branches in Lagos on Friday, October 2. The outlets are located in Surulere, Ikoyi and Victoria Island, and will serve individuals, small and medium enterprises and corporate customers.

The launch marks a major step in the bank's transition from merchant banking to commercial banking, after securing a regional authorisation from the Central Bank of Nigeria.

Sanwo-Olu Backs Expansion

The Ikoyi branch was commissioned on behalf of Lagos State Governor Babajide Sanwo-Olu by the Commissioner for Finance, Abayomi Oluyomi.

Sanwo-Olu said the bank could contribute to economic growth in Lagos by providing financial services and supporting businesses and individuals. He said its experience in Nigeria's financial services sector would position it to play a role in expanding business opportunities across the state.

"Greenwich Bank's presence in Lagos will help widen business opportunities and provide stronger financial support for businesses and customers across the state," the governor said.

More Branches Coming

Group Chairman of Greenwich Holdings Limited, Kayode Falowo, said the bank would establish additional branches in locations covered by its regional authorisation from the CBN.

He said the lender would draw on its experience in institutional banking to serve a wider customer base, including market traders, SMEs and corporate clients. The physical branches, he added, will operate alongside the bank's digital channels, giving customers access to services through both traditional and technology-driven platforms.

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.

Group Chairman of Nigerian Exchange Group, Umaru Kwairanga, commended the 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.

Group Strategy

Group Managing Director of Greenwich Holdings Limited, Oyewale Ariyibi, said the group would keep strengthening its capital base, expand its retail financial services operations and accelerate its digital transformation.

He said the expansion formed part of a wider strategy to build 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.

For Nigerian businesses, the entry of another commercial lender into Lagos adds to an already crowded market, but it also widens the pool of banks chasing SMEs and retail customers at a time when credit access remains a major constraint for small firms.