Diamond Bank disburses N1b under SME lending scheme to boost financial inclusion
Diamond Bank Plc, has demonstrated its support for Small and Medium-Scale Enterprises (SMEs), with the disbursement of over N1billion under the cash flow-based SME lending scheme.
The bank has disbursed a total of ₦267million during the pilot phase of the scheme, and additional ₦750million 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.
The initiative, which was launched in January 2017, in partnership with the Women’s World Banking (WWB), is a cash flow-based MSME lending methodology, which 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.
The Chief Executive Officer, Uzoma Dozie, said Diamond Bank has resolved to develop innovative ways of advancing financial inclusion in Nigeria.
“It is 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.
“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.”
Diamond Bank is Nigeria’s lead driver of financial inclusion, providing enhanced customer experience through innovation and technology, regarded as a supporter of small businesses through SME lending, capacity building, business seminars, and workshops.
The bank has also played a leading role in partnering with domestic and International bodies such as The Gates Foundation, MTN, Medical Credit Fund (MCF), and Entrepreneur Development Centre (EDC) among others 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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