Leading retail bank, Diamond Bank Plc, today announced its disbursement of over N1 billion under the cash flow-based SME lending scheme to beneficiaries nationwide.
Launched in January 2017 in partnership with the Women’s World Banking (WWB), the scheme features the 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.
Commenting on the funding support, the bank’s Managing Director, Uzoma Dozie, said that the credit life-line was a demonstration of the management’s resolve to develop innovative ways of advancing financial inclusion in Nigeria and a signal to many more successes to come as the bank pushes through its technology-driven retail-focused strategy, designed to position the lender as the most profitable and fastest growing retail bank franchise in Nigeria by the year 2020.
Under the lending scheme, the bank was able to disburse a total of N267 Million during the pilot phase, while it disbursed N750 Million 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.
Dozie explained further: “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”, he added.
Diamond Bank Plc is one of the nation’s leading proponents of financial inclusion, providing enhanced customer experience through innovation and technology.
The lender has also played leading roles in partnering with domestic and International bodies such as The Gates Foundation, MTN, Medical Credit Fund (MCF), Entrepreneur Development Centre (EDC) etc. to create easy access to financial services for the unbanked.
