Diamond Bank expends N584m in promo draws

Poised to consistently promote saving culture in Nigeria, Diamond Bank Plc has expended about N584 million in the ‘DiamondXtra’ Draw, Season 9 initiative.

The bank has rewarded no fewer than 5000 customers with over N4 billion since commencement of the initiative in July 2008.

The DiamondXtra Draw is a unique customer reward scheme tied to the DiamondXtra account proposition, which aims at promoting a savings culture among Nigerians by rewarding them for saving.

According to the Head, Mass Market Segment of the bank, Osita Ede, Diamond Bank is passionate about the benefits of financial inclusion to customers.

Speaking during the cash presentation in Lagos at the weekend, Ede noted that bringing the unbanked into the banking system and making them to save and plan for the future is what sustains any economy.

He explained that the bank has recorded more than 10 per cent increase in deposit through the initiative in the last few years, which he described as ‘quite significant’.

“The reason is more of the impact on customers, impacting lives, touching lives, ensuring that we add value to their lives.

Another reason is to increase the savings culture in Nigeria. So far, we noticed more people opening account even for their kids, which has not been the tradition over the years and we are seeing a lot of this.

“The last Season 8, we opened above 150,000 accounts and these are fresh customers, who ordinarily would have saved the money under their pillows, but they came to the bank and deposited this money, some of them have been steady, they have been saving consistently.

“We are seeing probably 10 per cent increase in deposits and looking at the customer base, it is very significant. In this season, we are given N584 million which is almost N600 million.”

Ede explained that the reward scheme is integrated into the DiamondXtra proposition; to enable every customer on the account has equal opportunity of winning through the transparent electronic draws.

To qualify for the monthly draw, he explained that a customer is to maintain a minimum monthly balance of N5,000 while additional deposits will count as multiple entries, as well as increase the customer’s chances of winning.

He assured customers that the bank would constantly seek robust platforms and initiative such as this to reward their loyalty.