Diamond Bank Disburses Over USD 2 Mn Under SMEs Scheme

By  |  August 21, 2018

The Chief Executive Officer of Diamond Bank, Uzoma Dozie, has said that the bank has disbursed more than USD 2 Mn to small businesses under the Cash Flow-Based Small And Medium Enterprises Lending Scheme.

The CEO disclosed this development in a statement signed by the Media Relations Officer of the bank, Ezechinyere Anyanwu in Abuja on Monday. He said that the disbursement was one of the bank’s ways of demonstrating support to SMEs and ensuring financial inclusion in the country.

According to him, the milestone demonstrates Diamond Bank’s resolve to develop innovative ways of advancing financial inclusion in Nigeria. He added that it is as well a signal to several more successes to come as the bank pushed through its tech-driven retail focused strategy.

Dozie disclosed that the strategy is tailored to position Diamond Bank as the most profitable and fastest growing retail bank franchise in Nigeria by the year 2020. He as well mentioned that the scheme which was inaugurated in January 2017 in collaboration with the Women’s World Banking (WWB), features Cash Flow-Based MSMEs Lending Methodology. He said the scheme had 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.

The CEO also disclosed that the bank had disbursed USD 2082870 Mn between June and August, adding that all the loans disbursed to the 550 small businesses is performing despite the recipients of the facilities being first-time borrowers.

“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. This also applies to those that create lifestyle-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 via data-based initiatives that are simply beyond banking, Dozie added.

Diamond Bank Plc. is one of Nigeria’s leading driver of financial inclusion, providing enhanced customer experience through innovation and technology.

This development was first reported by Premiumtimesng.

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