Diamond Bank disburses N1bn to 550 small businesses

August 22nd, 2018

By Obas Esiedesa

Leading retail bank, Diamond Bank Plc, says it has disbursed N1 billion to 550 small businesses under the N1 billion under the cash flow-based Small and Medium Enterprises lending scheme.

The bank in a statement by its Media Relations Officer, Ezechinyere Anyanwu, explained that the scheme which was launched in January 2017 in partnership with the Women’s World Banking (WWB), features the Cash Flow-based MSME Lending Methodology.

The Diamond Bank said the scheme has a strategic focus on cash flow, net asset capacity, character and business proficiency of SMEs as a means of determining their eligibility to access credit.

Diamond Bank CEO, Mr. Uzoma Dozie in his comment on the scheme, said: “This milestone is a demonstration of our resolve to develop innovative ways of advancing financial inclusion in Nigeria and a signal to many more successes to come as we push through our technology-driven retail-focused strategy, designed to position Diamond Bank as the most profitable and fastest growing retail bank franchise in Nigeria by the year 2020”.

Dozie said under the lending scheme, the bank was able to disburse a total of N267 million during the pilot phase, while it disbursed N750 million between June and August 2018.

“Remarkably, all the loans disbursed under the scheme to the 550 small businesses are performing despite the recipients of the facilities being first-time borrowers”, he added.

“We are confident that the future of retail banking belongs to banks with disruptive business models and solutions that deliver superior customer experience through strategic alliances, as well as create life-style-focused products, processes and channels. We pride our financial inclusion strategy as the most robust and customer-centric in the Nigerian banking industry and will achieve more milestones through data-based initiatives that are simply, Beyond Banking”, Dozie stated.

Diamond Bank is Nigeria’s lead driver of financial inclusion, providing enhanced customer experience through innovation and technology. Regarded as supporter of Small and Medium-Scale Enterprises through SME lending, capacity building, business seminars and workshops. Its mobile banking app, “Diamond Mobile”, currently has over three million active subscribers on its platform. Diamond Bank has over the years leveraged its underlying resilience to grow its asset base and to retain its key business relationships.

It has also played a leading role in partnering with domestic and International bodies such as The Gates Foundation, MTN, Medical Credit Fund (MCF), Entrepreneur Development Centre (EDC) etc. to create easy access to financial services for the unbanked. The Bank has cultivated excellent banking relationships with well-known international banks, allowing us to provide a range of world class banking services to suit the business needs of our clients.

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