Nigeria-based Skye Bank has announced it will expand its retail banking operations in a bid to increase deposit strength.
The bank, which operates in retail and investment banking, said it needs to increase funds. This follows an increase in the cash reserve requirement (CRR) for public sector deposits in banks to 50%, implemented by the Central Bank of Nigeria.
Skye Bank did not disclose whether it will choose to add branches to its existing 247 locations in Nigeria.
The general manager of retail banking, Arinola Kola-Daisi, simply said that the bank’s retail division had become more important following the CRR hike.
"Retail banking is something that has always been there for us, but of course now it becomes even more important for us to drive down very clearly in that area and make sure we deliver value to that category of customers," she said.
Kola-Daisi added: "There is no state in the country where we are not represented because one thing about the retail business is that you have to be readily accessible to the people that you serve."
"So this is something we have been driving separately, we didn’t want it to be mixed with the commercial and merchant banking, so we took it out and focused on it," she said.