School Fees Savers Scholarship - Diamond Bank rewards 30 youth account holders

Diamond bank has rewarded 30 customers with N100,000 each in the just concluded Diamond Future and Cool-Teens School Fees Savers Scholarship draw held at the bank’s head office in Lagos.

The School Fees Savers Scholarship scheme is specially targeted at parents with children/wards in preschool, primary and secondary school. This initiative is aimed at driving customer loyalty and easing lifestyle challenges by rewarding them with scholarship opportunities.

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Speaking at the draw, Adaeze Ume, Head Personal Banking, Diamond Bank Plc said “The principal goal of the School Fees Savers Scholarship scheme is to promote a savings culture amongst parents and guardians to save for their children/wards’ school fees. This is a good way for parents to fund their children’s education, whilst diversifying their investments. It is also our way of reassuring customers of our promise to provide value-added services on their customer journey with us”.

To participate in the School Fees Savers Scholarship Scheme, customers can simply open a Diamond Future or Cool-Teens account, maintain a monthly average balance of N25, 000 or set up a Standing Instruction of N10, 000 & above to qualify.

Click HERE to see more pictures from the Prize Presentation ceremony

FSD AFRICA PLEDGES GREATER SUPPORT FOR DIAMOND BANK’S FINANCIAL INCLUSION PROJECTS

The Financial Sector Development for Africa, (FSD Africa) an agency funded by the United Kingdom Government through UK Aid has reiterated its commitment to provide more support for Diamond Bank Plc on its financial inclusion drive.

This was stated at a dinner hosted by the Bank in honour of visiting executives from FSD Africa. FSD Africa is a market catalyst that applies a combination of resources, expertise and research to address financial market failures to deliver a lasting impact for an efficient, robust and inclusive market.

Speaking at the dinner, Director, Financial Services, FSD Africa, Paul Musoke said, “We commend Diamond Bank for employing professionalism in

all their dealings with us. FSD MEETS DIAMOND BANKEven though the agency had partnerships with other banks and organizations across the continent, the partnership with Diamond Bank was essentially our longest and most successful partnership amongst all. We did not only provide funding but also worked closely with the team on ground.”

 

Responding to Paul’s comments on the successful partnership between FSD Africa and Diamond Bank, Uzoma Dozie, CEO, Diamond Bank, took the opportunity to highlight the factors behind their success. According to him, “First of all, what I would say is that when  we decided  to go beyond this  journey of  redefining  how  we  wanted  to engage the Nigerian market, I don’t think that we could have done it  using  the old ways  of banking, which  was, you know, doing everything by yourself, and I think our successes achieved so far are as a result of partnership & collaboration with donor agencies such as EFIna, Women’s World Banking (WWB) and FSDA.”

Head, BETA propositions, Diamond Bank, Njideka Nwabueze spoke on how the Bank had worked with Women’s World Banking to close the financial inclusion gap by creating products that would provide customers with access to financial services. According to her, “After extensive research, we launched the BETA proposition in 2013: an account that enabled customers to save towards the rainy day’’. BETA targets market traders thus supporting small and medium enterprises (SMEs). The proposition has reached over 600,000 clients (over 70% of whom engage in trade). Their savings enhances their ability to manage economic shocks.

Director, Strategic Partnerships, World Women’s Banking (WWB), Gul Lacson, in his remark, said, “Diamond Bank is a strong institution with visionary leadership and strong long-term commitment and Women’s World Banking also brings to the table competence garnered by global experience”.

DIAMOND BANK’S DIGITAL STRATEGY FOR Q1 2018 DRIVING STRATEGIC GROWTH

Diamond Bank Plc has released its Q1 2018 unaudited financial results on the floor of the Nigerian Stock Exchange (NSE), highlighting realignment in its group structure with a strong focus on the Nigerian market and retail business through its digital penetration strategy.

In the unaudited Q1 2018 Financial Results made available to financial and capital market correspondents in Lagos, Nigeria, Diamond Bank recorded a growth in its mobile banking revenue from N1.2 billion in Q1 2017 to N1.8 billion in Q1 2018. Increases were recorded in customer acquisition through digital channels with increases in active account ratios, and the proportion of customers’ transactions completed on its digital platforms.

Commenting on the results, Chief Executive Officer, Mr. Uzoma Dozie said: “At a macro level, the year has begun with positive indicators, such as growth in GDP, declining inflation and rising crude oil prices. Thus, investor sentiment about the economy is becoming more positive as shown by the success of recent bond sales by the Federal Government. We expect these positive trends to continue and I am confident that Diamond Bank is well positioned to capitalize on these, particularly having disposed non-core assets to focus on the Nigerian opportunity.

Uzoma further stated that, “2018 will see Diamond Bank invest more in emerging businesses through an expanded loan offering and support for different activities in trade, agriculture and manufacturing. As emerging businesses continue to flourish, we will also continue to develop services and products to support their needs. “

The Bank kept operating expenses flat when compared to Q1 2017, whilst its impairment charges declined 18% year-on-year, a reflection on the Bank’s improved loan underwriting and drop in non-performing loan formation. These will go to strengthen performance in the years ahead.

Giving an indication of the Bank’s business plans for the rest of the financial year, the CEO said, “The Bank will continue its drive to use technology to drive financial inclusion and convenient banking with the aid of such products as “ADA”, a 24/7 Artificial Intelligence (AI) chatbot.

“The outlook for 2018 is positive for Diamond Bank. Revenue is expected to grow; operating expense will stabilize and decisive action should result in a decline in loan impairment losses. With the economy showing signs of solid recovery, Diamond Bank has an excellent platform from which to grow and achieve long term sustainable profitability”, concluded Uzoma.

DIAMOND BANK REPORTS RISE IN GROSS INCOME TO N203.3 BILLION FOR FY 2017

Diamond Bank Plc FY 2017 financial results released on the floor of the Nigerian Stock Exchange (NSE), showing mixed fortunes in key performance metrics. The report and accounts for the Bank’s operations for the twelve months of the business year obtained by our correspondent, show significant growth in gross earnings which rose by 9% year to year to N203.3 Billion due to increase in interest income for the 2017 financial year.

Commenting on the results, Chief Executive Officer, Uzoma Dozie said: Diamond Bank made good progress in executing its technology-led retail banking strategy in 2017.   We increased our market share and drove scale through a combination of technology and expansion of our services across additional platforms. For instance, we made additional inroads to the unbanked and underbanked populations with the support of our international partners. In addition, the rapid rollout of products and services for entrepreneurs, and small and medium business owners gained significant traction and is a trend that is set to continue.

The Bank’s Net fees and commission were down by 1.3% year-on-year although impairment charges also trended downwards 0.3% year-on-year to N56.8 billion following continued efforts to improve the quality of the loan book, particularly in the Oil and Gas mid-stream sector. Operating costs of the Bank rose by 6.2% due to foreign exchange rate impact following the devaluation of the naira during the year.

“At a macro level, the economic environment improved, albeit marginally. Against this backdrop and Nigeria’s broader positive fundamentals, we disposed of some non-core assets to optimise the use of our resources and focus on the significant potential of our domestic market. By taking this action, Diamond Bank is better positioned to accelerate its growth, productivity and profitability in the short to medium term,” continued Uzoma.

The Bank recorded a decrease in profit before tax year-on-year because of higher operating expenses, although investments in technology are starting to drive operational efficiencies. Total asset increased by 2%, which was mostly driven by marginal improvements recorded in customer deposits.

Diamond Bank reviewed ownership of non-core assets to focus on the significant opportunities in Nigeria, particularly in retail banking. This led to the divestment from Diamond Bank business in West Africa, with that in United Kingdom set to follow.

To restore its technology-led retail banking strategy, the Bank successfully delivered new initiatives, by building additional ecosystems and the expansion of customer services across different platforms. These include the DreamVille platform – the first Nigerian gamification portal for banking aimed at improving financial literacy and participation amongst youths.

“Although more work is to be done, particularly in relation to our oil and gas exposure, overall the quality of the loan book has improved. This will remain a key area of focus over the next 12 months. Looking ahead, I am optimistic that due to the actions we have taken as well as an improving economy, Diamond Bank will continue to make good progress and achieve greater profitability, concluded Uzoma’’

Observations on the floor of the Exchange, analysts and industry watchers opined that the Bank has been rightly positioned for accelerated growth in the next business years ahead, noting that with the strong retail strategy, digital infrastructure and focused management, the core fundamentals have continued to look up.

Diamond Bank to Sell its UK Banking Operations to Focus on Nigeria

Diamond Bank Plc (“Diamond Bank”) – Nigeria’s fastest growing retail bank – is to sell its UK banking operations, Diamond Bank UK, in order to focus on Nigeria and its significant retail banking opportunity.

As part of the process, Diamond Bank has signed a Share Sale and Purchase Agreement with a member of GFG Alliance, for the disposal of its entire shareholding in Diamond Bank UK. Completion of the transaction is subject to approval from the Financial Conduct Authority and Prudential Regulatory Authority – the regulators responsible for banking in the UK.

By focusing exclusively on Nigeria, Diamond Bank is seeking to capitalize on the vast growth opportunities presented by Africa’s largest economy. This includes macro fundamentals such as Nigerian’s changing lifestyle preferences in favour of mobile delivered services and an emerging culture of innovation and tech-enabled entrepreneurship.

The proposed deal follows a similar transaction which saw Diamond Bank sell its West African business operations across Benin, Togo, Cote d’Ivoire and Senegal in November 2017 in order to focus on Nigeria.

Subject to the deal completing, Diamond Bank will have no remaining international subsidiaries leaving it to focus solely on Nigeria.

Commenting on the transaction, Diamond Bank's CEO Uzoma Dozie said: “Diamond Bank’s strategic objective is to be the fastest growing, and most profitable technology driven retail banking franchise in Nigeria. This strategic intent requires us to optimize resources by divesting from non-core assets, and focusing exclusively on the Nigeria’s highly attractive market.

“The commercial opportunities for Diamond Bank in Nigeria are vast, due to its positive fundamentals including millions of people who are either underbanked or unbanked, high mobile phone penetration and the continent’s largest economy.

“Significantly, Diamond Bank has already laid the foundation for growth in Nigeria with acquisition of over 15 million customers, many of whom are owning bank accounts for the first time. Through its technology-led approach, Diamond Bank is also fully aligned to most Nigerian’s digital first ethos, whilst also having a framework for scaling up quickly, efficiently and cost effectively.”

The sale of international subsidiaries is not expected to cause service disruptions for international customers, as they will continue to enjoy enhanced and convenient banking services through Diamond Bank’s digital channels.

 

About Diamond Bank Plc

Diamond Bank Plc is a leading Nigerian financial services company, which commenced operations as a private limited liability company on March 21, 1991. In May 2005, it was listed on The Nigerian Stock Exchange.

Today, Diamond Bank is the fastest growing retail bank in Nigeria with a track record of high quality banking solutions for customers. It is the lead driver of financial inclusion, providing enhanced customer experience through innovation and technology. Regarded as supporter of lifestyle trends, its mobile banking app, “Diamond Mobile” currently has over 2 million active subscribers on its platform. Diamond Bank has over the years leveraged its underlying resilience to grow its asset base and to successfully retain its key business relationships.

It has also played a leading role in partnering with domestic and International bodies such as Women’s World Banking, The Gates Foundation, MTN etc. to create easy access to financial services for the unbanked.

We have retained 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

DIAMOND BANK PARTNERS MCF TO PROVIDE QUALITY, AFFORDABLE MEDICAL SERVICES IN NIGERIA

Diamond bank, in collaboration with Medical Credit Fund (MCF), has again reiterated her drive to reduce medical tourism by educating and supporting Small and Medium Enterprises in the health sector to provide quality and affordable medical services in Nigeria.

Speaking at a two-day workshop; Head Emerging Businesses, Diamond Bank, Ayodele Olojede, said that the aim of the workshop is to fully equip the players in the health sector with the basic financial and managerial tools needed to grow and sustain their businesses - taking advantage of the funding, training, and support from Diamond Bank.

Uzodinma Osisogu, the Project Director, Medical Credit Fund (MCF) said that the workshop is aimed at strengthening the SMEs in the health sector towards getting and attracting funds to their businesses. He further stated that the workshop will provide the health workers a wealth of knowledge in business management, finance, and administration. On the partnership with Diamond Bank, he said that the choice of the bank was inspired by the banks’ passion for going beyond banking to support SMEs and grow their businesses.

Supporting SMEs in Health Sector

L - R: Head, Non-Financial Services, Emerging Businesses, Chioma Ogwo; Head, Emerging Businesses; Ayodele Olojede, all of Diamond Bank Plc; participant, Dr. James  Egejuru; Country Director, Pharm Access, Njide Ndili, and Program Director, Medical Credit Funds, Nigeria, Uzodinma Osisiogu during a two-day workshop for the health sector held in Lagos recently.

“Diamond Bank is not just interested in disbursing loans to her customers, the bank is more interested in equipping the customers with basic information that will help them maximize the use of such loans and guiding them through the process”, said Chioma Ogwo, Head, Non-financial Services, Emerging Businesses Diamond Bank Plc. She further stated that the bank’s mediloan plan; a product developed in partnership with Medical Credit Fund (MCF) will help the medical practitioners meet their financial obligations which include, infrastructure, stock purchase, salary payment, business expansion, etc.

Henry Mascot, the CEO of CURACEL, introduced a simplified administrative software which will help doctors reduce the time spent on documentation and paperwork by collating all information in a simple platform for easy data management.

Pharm Henry Adiola, one of the beneficiaries of the workshop, took out time to express his sincere gratitude to Diamond Bank Plc for supporting his business over the years.

Other highlights of the two-day workshop, were; networking sessions and training sessions on taxation, business planning, and loan management.

Techfest Photos

TECHFEST PRESS CONFERENCE

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Diamond Bank partners MTN, VISA, Microsoft, NIBSS, Others to unveil TECHFEST

Nigeria’s technology space is set to witness a game-changing experiential platform with the unveiling of TechFest by Diamond Bank Plc in partnership with MTN, Visa, Microsoft, NIBSS, Deloitte and Touche, Interswitch and Beat FM.

Scheduled for Tuesday, 15 and Wednesday, 16 May 2018 at the Landmark Event Centre, Oniru, Lagos, Tech Fest will feature the best talent in the Nigerian technology space - one of the country’s fastest growing sectors. The event will showcase technological solutions for businesses, connect technology providers with new markets, provide access-to-market opportunities for tech start-ups amongst others.

Speaking at the official unveiling of the event, Diamond Bank’s Chief Executive Officer, Uzoma Dozie, stated, Tech Fest for me, is a platform that we can share with our customers to help them get the best of technology and to partner together to run better businesses. If there is one thing we have learned at Diamond, it is that you can't do everything on your own and you need to collaborate if you are going to win and be the best at what you do”.

Also at the event, Emezino Afiegbe, Country Director, VISA, expressed his company’s excitement to partner with Tech Fest. In his words, “We are happy to collaborate with reputable firms like Diamond, MTN, and others to make Tech Fest a success. We are here to provide support to retail customers and consumers to make payment seamlessly, securely and as quick as possible. We believe that if they can make payment quickly and safely, we are sure that GDP will grow for not just the country but also prosperity in the region. It all starts here and we are happy to be part of this journey as we go into the future”.

Telecoms giant, MTN through its General Manager, Enterprise Business Unit, Barbara Anozia, told newsmen at the event that MTN’s vision is to offer customers a whole new digital world and make their lives brighter using technology to help them grow and this informs their decision to partner with Tech Fest.

Commenting on what to expect from Deloitte and Touche at Tech Fest, the company’s West Africa Consulting Leader, Yemi Saka said, “We at Deloitte and Touche understand that business advisory is a key aspect of the entire value chain of any entrepreneurial venture. So, we are bringing to the table a global perspective, innovation and exponential technologies that we are working on as we seek to engage with a wider ecosystem”.

Tomi Ogunlesi, Corporate Brand Manager, Interswitch expressed appreciation as one of the partners of Tech Fest. “I call it TECHFEST 2018 because we believe the conversation will be sustained. Essentially for us at Interswitch, it is about curiosity, collaboration, and co-creation. We are happy to work with Diamond Bank and other partners to make this happen,” he stated.

The event also featured partners like Microsoft, Beat FM and NIBSS who affirmed that Tech Fest will provide opportunities for SMEs and young tech entrepreneurs to network and meet sponsors, financiers, and partners that will help them grow their businesses.

TechFest is open to all who want to connect, collaborate and co-create new ideas that solve real problems for Nigeria.

Diamond Bank Excites Youths with Game-enabled Digital Savings Platform - DreamVille

Leading retail banking giant, Diamond Bank Plc, has raised higher the bar in the delivery of unique financial services that suits customers changing lifestyles and needs.

In partnership with Women’s World Banking with support from Financial Sector Deepening Africa (FSD Africa) funded by UK aid from the UK government, Diamond Bank worked with Gamsole, Commonwealth (formerly D2D Fund) and Microsoft to open another window of money management opportunities for youth. The simplified digital financial platform, DreamVille will enable youths to plan their financial future, save, chat, and update their financial knowledge while playing games. DreamVille

The financial service known as Dreamville does not only enable youths to learn and develop a healthy savings habit and build prudent expenditure profile, it also helps customers understand diverse investment portfolios, link their respective accounts with social media channels and chat with friends.

According to the Bank’s chief spokesperson, Chioma Afe, the Dreamville online community and the development of the multifunctional game-enabled platform are “revolutionary” and tallies with the Bank’s proposition to meet the changing needs and lifestyles of customers.

She added that the platform is aimed at motivating customer engagement, provide fun and entertainment with up-to-date financial information that will enable the customer to accomplish his/her future financial goals and needs with excitement.

“At Diamond, we value our Youth customers. We do not just acquire customers, we engage customers. That is why in collaboration with internal and external partners such as IT, Transaction Banking, Women’s World Banking, Commonwealth (formerly D2D Fund), Gamsole, Microsoft and other local vendors, we have developed a multifunctional engagement platform to cater to both the needs of customers and non-customers alike”

 

Dreamville

Ryan Newton, Manager for Strategic Advisory at Women’s World Banking stressed that the service will enable youth to build financial capability that will serve as a foundation for banking successfully as adults.

“By using a gamified platform, we not only drive engagement with youth, but we help these young clients build their financial capabilities and set them up for long-term success. Users earn points, badges, and rewards for positive financial behaviors such as managing their finances and budgets, setting savings goals, and achieving those goals. They can also participate in championships and tournaments to reinforce these lessons in good banking.”

According to the Bank, the service will help customers imbibe a savings culture from an early age, by building financial capability and literacy in customers. “This entails teaching, assessment of risks and opportunities, development of entrepreneurial skills, teamwork and collaboration, goal setting and readying for the workplace”.

DREAMVILLE
With the launch of the service, Diamond Bank has reaffirmed its leading revolutionary role in driving digital financial services as Nigeria's fastest growing retail bank.

The Bank has continued to leverage innovation and technology to enhance customer experiences and drive financial inclusion in what it terms Beyond Banking. Since incorporation in December 1990, Diamond Bank has challenged the market environment by introducing new products, innovative technology and setting new benchmarks through international standards. Today, Diamond Bank is best placed to respond to changing lifestyles and is leading the digital transformation in response to these societal shifts. Diamond Mobile app is Africa's leading banking app and the first with the touch ID feature.

Diamond Bank launches ADA an Artificial Intelligent Chatbot for millions of Nigerian customers

Diamond Bank – Nigeria’s fastest growing retail bank – has launched ADA, Artificially  Intelligent (AI) Chatbot, leveraging pioneering technology to reach more customers with an enhanced service in Nigeria.

The Chatbot named ‘Ada’ uses AI technology to provide a human-like interaction and personalized experience for Diamond Bank customers. As Ada learns from past interactions, Diamond can offer more relevant and timely solutions that are really simple for customers to use.

ADAAda enables transactions such as airtime purchase, bill payments, stock trading, and money transfers all via a social network platform. Already live on Facebook Messenger, the most popular social chat programme, Ada will also be on other messaging platforms in the coming months.

Ada will give Diamond the opportunity to reach millions of people, and facilitate financial inclusion on an extraordinary scale, extending Diamond’s reach into Nigeria’s massive retail opportunity. Diamonds existing customers can already start chatting to Ada.

Ada is also an ideal solution to Nigeria’s evolving lifestyle trends which have moved towards preferences for mobile and digitally delivered services, as well as the use of natural language Ada delivers a consistently great experience every time you talk with her. The move is also aligned with the economy’s culture of innovation and entrepreneurship, and she was built using local talent.

Commenting on the launch of Ada, Uzoma Dozie, CEO of Diamond Bank said: “I believe data and technology have the power to transform Nigeria’s economy, so I am excited to announce the launch of Diamond’s Artificial Intelligence (AI) powered Chatbot named Ada.”

“Ada will allow us to further digitalize the mobile banking process and create an increasingly customized mobile banking experience for our millions of customers, Ada also presents another opportunity to deepen financially literacy and build trust and transparency in our ecosystem.

“I am passionate about how Diamond can leverage technology to tap into Nigeria’s huge market, whereby a large segment of the population is underbanked or unbanked. Data-led technology can plug this gap, and expand financial inclusion on a rapid scale.”

“Diamond already has a foundation of over 15 million customers, and our AI-driven Chatbot Ada will enable us to expand our digital-led strategy, and reach even more people across Nigeria through mobile banking.”

As a pioneer in banking through the harnessing of technology and a digitally-led approach, Diamond Bank has already made significant strides in Nigeria in recent years, with a foundation of over 15 million customers in Nigeria.

Key Diamond Bank initiatives include supporting Nigeria’s future business leaders through its Building Entrepreneurs Today (BET) programme and upcoming Tech Fest in April, improving financial inclusion by focusing on increasing female participation in the formal economy and the rollout of its Diamond Y’ello mobile banking service, which now has over 9 million users.

Chat with Ada