The Managing Director of Diamond Bank Plc, Mr. Uzoma Dozie, has described trust as key to acceptability of any electronic banking solution as payment option in the banking system.
The banking expert made the remarks during a panel session at the 2018 Annual National Conference of the Finance Correspondents Association of Nigeria (FICAN), with the theme ‘Banks, Fintechs and Nigeria’s Financial Inclusion Journey’ held in Lagos, recently.
Dozie posited during the session which involved other banking and IT solutions eperts that when trust is breached in any transaction, especially in the banking system, the consequences would be severe for parties’ relationship.
The Diamond bank boss, who was represented at the event by his Special Assistant, Mr. Kehinde Erinle, at the panel session described trust as a critical element in the banking system that must be deliberately built in order to grow the sector.
He explained: “Customers will not trust a system they don’t understand. For instance, in Nigeria, the Nigeria Interbank Settlement System (NIBSS) recently launched the Mcash, a USSD product that can be used on any platform.
“So, what is required now is education and it is very important because for someone to trust a system, he must understand the system. And the government has a very important role to play in that”, Dozie added.
He identified the challenge of a credible identity database as one of constraints militating against business efficiency in the country, especially the financial inclusion drive.
“One of the problems we have in Nigeria is the issue of a unique identity number. How can I give out loans to someone I cannot identify?” he asked.
Appreciating the increasing role of digital tools in banking system generally, said that Diamond Bank due to the fact that it cannot provide all the services alone was always willing to partner with people who can provide those services, including fintechs.
According to him, the bank, through its Beta Savings Account product has taken banking to rural communities and brought to the financial net those previously excluded in financial system.
He described the bank’s Beta Savings account as a safe and convenient savings account which encourages customers to save towards their goal consistently on a daily basis.
He expatiated: “It is mainly targeted at market entrepreneurs/traders especially women who save regularly, leveraging on the services of “Alaajo” and “Esusu” programmes.
“The account provides maximum convenience, security, affordability and flexibility (deposit any amount, withdraw cash whenever you need it) to customers via the use of mobile phone and access to multiple channels (Branch, ATM, BETA Friends – Sales and Service Agents)”, Dozie added.
