Category Archives: DIAMOND

Diamond Bank is one of the leading banks in Nigeria – driven by innovation and operating on the most advanced banking technology platform in the market.

Diamond Bank has partnered with major players in the ICT industry to launch “Tech Fest”.

Diamond Bank partners MTN, others to unveil Tech Fest

Diamond Bank has partnered with major players in the Information and Communication Technology (ICT) industry to launch “Tech Fest”, a platform for technology entrepreneurs, to showcase their innovations.

Speaking at the official unveiling of Tech Fest in Lagos, Chief Executive Officer of Diamond Bank (CEO), Uzoma Dozie, said, “Tech Fest, for me, is a platform that we can share with our customers to help them get the best of technology and to partner to run better businesses.”

Dozie added that, “If there is one thing we have learned at Diamond, it is that you can’t do everything on your own and you need to collaborate if you are going to win and be the best at what you do.”

The event slated for May 15 and16, 2018, in Lagos, will hold in partnership with MTN, Visa, Microsoft, NIBSS, Deloitte and Touche, Interswitch and Beat FM.

Also speaking at the event, Country Director of VISA, Emezino Afiegbe, said, “We are here to provide support to retail customers and consumers to make payment seamless, secure and as quick as possible. We believe that if they can make payment quickly and safely, we are sure that the GDP will grow for not just the country, but also prosperity in the region.”

MTN, through its General Manager, Enterprise Business Unit, Barbara Anozia, told newsmen at the event that MTN’s vision was to offer customers a whole new digital world and make their lives brighter using technology to help them grow, adding that this informed its decision to partner with Tech Fest.

Representative of Deloitte and Touche, Yemi Saka, said, “We at Deloitte and Touche understand that business advisory is a key aspect of the entire value chain of any entrepreneurial venture. So, we are bringing to the table a global perspective, innovation and exponential technologies that we are working on as we seek to engage with a wider ecosystem.”

The Corporate Brand Manager of Interswitch, Tomi Ogunlesi, said, “I call it Tech Fest 2018, because we believe the conversation will be sustained. Essentially for us at Interswitch; it is about curiosity, collaboration and co-creation.”

Diamond Bank has about three variants of loan packages for SME businesses, which they refer to as ‘Emerging Businesses’.

Diamond Bank has about three variants of loan packages for SME businesses, which they refer to as ‘Emerging Businesses’. They include Emerging Businesses Revolving Loan, Emerging Businesses Instalment Loan and Emerging Businesses Development Fund. But they also have two other packages, Overdraft and LPO Finance, which are related to credit for small businesses.

Emerging Businesses Revolving Loan: Under this loan package, Diamond Bank says it is for those who need financial support to grow their business. According to them, the loans can either be booked as revolving overdraft facilities or term loan based on the customer’s business needs. The beneficiary can enjoy the loan facility for as long as 365 days, and it is a fully secured loan. The bank says that apart from being a financial support to advance your business, this package has competitive interest rates and with no hidden charges. We shall give the interest rate range across the packages in subsequent parts of this series.

If you are a beneficiary, you can access your funds through any of the bank’s channels including ATM, PoS, Mobile Banking or Online Banking. They also said it has a quick and easy loan processing arrangement with a convenient repayment structure and discounted interest rate for women owned businesses. Next week, we will conclude on this package and introduce you to the second package.

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Diamond Bank’s Emerging Businesses Vehicle and Asset Financing loan, which is meant for its business customers.

Our last discussion on this column addressed Diamond Bank’s Emerging Businesses Vehicle and Asset Financing loan, which is meant for its business customers.

In addition to that and many more we had addressed in the previous weeks, we will now give general overview of the all other offers under the Emerging Business Loan packages. Before applying for this loan, it expected that you should have maintained a business account with the bank for a minimum of three months.

Also, the bank expects that you should have been in that line of business for at least 12 months and the business should be registered with the Corporate Affairs Commission. The bank says that loan applicants should not have previous record of loan default with any bank. Other requirements include evidence that you have a functional business that generates regular cash flow.

The minimum loan amount is N1 million while the maximum is N20 million. The loan tenor does not exceed 12 months for overdrafts and maximum of 36 months for asset finance. Though repayment is aligned to customer’s cash flow, full repayment is expected to be within the loan tenor.

The bank usually spread the repayment on monthly basis across the duration of the loan. The interest rate on the loan is about 26 percent, though some charges may apply.

Conditions for lending to SMEs unveiled by Diamond Bank

Conditions for lending to SMEs unveiled by Diamond Bank

DIAMOND Bank Plc has given insight into one of the requirements commercial banks consider before granting loan to Small and Medium Enterprises (SMEs) in the country.

Njideka Esomeju, Head Emerging Market, Diamond Bank Plc, gave the insight in her presentation on ‘Growth Financing for SMEs,’ delivered recently at the Vconnect and Facebook SME conference in Lagos.

She said: “I found out that so many business operators dwells so much on cash flow. I don’t think cash flow is the challenge for SMEs; rather it is your cash cycle that is a challenge.

Cash cycle is that your banker wants to know how you would turn N5 to N50; what you are going to do, your production cost, how you are going to sell, the market you are going to sell and at the end of the day, you make N50; you can give your banker N2 for debt servicing. So you need to understand your cash cycle. Cash cycle is not the same as cash flow that an accountant prepares for you. You should be able to explain that cash cycle to your banker in your own words.”

According to Esomeju, another thing is that for a banker to accept to fund your business, he is interested in the value your business would add to the economy, in terms of job creation. “So, whatever business you are doing, you need to get your house in order by understanding the nature of the business, understand your customers and being able to communicate with your banker,” she said.

On financing options other than bank loans, she noted: “Basically, we talked about equity financing and debt financing. SMEs can raise share capital through family and friends. This should be your first point of call- also we have angel investors, venture capitals and incubators. It is very important to explore all these options than to borrow from banks. Most times, their services are cheaper.

The whole thing is, for start-ups, I would never advise that you borrow from bank. I would advise you do family and friends option, so that you are not saddled with debt financing when the business has not been firmly established.”

DIAMOND BANK MAKES DREAM COME TRUE FOR WOMEN THIS MONTH

Capital, Capital, Capital! That’s all I need to just start….

It’s safe to say that we can all relate.

 

Kemi is the most talented girl you’ll ever meet. She’s a designer, make-up pro and even recently she picked an interest in bead making. Her designs are one of a kind. With all these talents, Kemi works as a junior staff in a mid-size IT company in Lagos and earns the sum of 98,000 naira, every month. Like that is not enough, she has to send half of the salary to her mother back home and her siblings in school.

Half of the time, Kemi is daydreaming about starting her own business but the light at the end of the tunnel doesn’t seem so bright.

On one of her many boring days, Kemi settled down to enjoy her dose of daydream. This time It didn’t last. This is because she was startled by an old classmate who snapped her back into reality. They exchanged pleasantries then this old classmate asked the almighty question, “What do you do now?’ Kemi almost took to her heels. How could she admit that this was her one and only job? It took a while, but finally she found her voice and responded thus,‘Well this is my job for now. I’m trying to source for funds to start my own business.”

To her surprise, the old classmate was impressed and probed further. The old classmate didn’t just praise Kemi’s many skills, she shared details of some enticing offers Kemi could jump on, to get a loan. The one that stuck with Kemi was the Personal Loan offered by Diamond bank. Fortunately, Kemi’s salary is paid through Diamond Bank by her employer.  To cut the long story short, Kemi got her loan and started her business. She hasn’t quit her job yet but now she puts her free time into good use, and is making some extra cool cash.  

Did you know that Diamond bank is offering 2% discount on interest rates to any woman that collects a loan in this month of March? This is just one of Diamond banks exciting deals, lined up specially for the ladies this month. Are you excited already, click  to learn more about the Personal Loan.

DIAMOND BANK PERSONAL BANKING

The reason for Private Banking Group is to create, maximize and protect wealth, as well as preserve value for select clientele of reputable high net-worth individuals with established wealth and easily identifiable sources and means.

The hallmark of this business segment is the use of dedicated staff who provide tailored products and service offerings based on a comprehensive understanding of each client’s financial requirements.

The Group has multi-skilled and well-motivated relationship managers who will deliver private services that will exceed client expectations.

For further enquiries about our Private Banking, please email personalbank@diamondbank.com. Tel. 234-1-4617385 Fax. 234-1-4618734.

DIAMOND BANK CUSTOMER SERVICES AND TECHNOLOGY

The Operations and Technology Division strives to ensure the provision of standardized, world-class services to all our customers in a very pleasant environment. To achieve this, the Division:

  • manages customer service delivery in the areas of cash lodgment and withdrawal, funds transfer, clearing services and other transaction processing services, in all our branches nationwide.
  • provides the banking technology and communication services to facilitate service delivery, transaction processing and information management.
  • provides the platform that drives our strategy in the areas of productivity improvement, electronic channels, and card processing.

Our state-of-the-art technology has made it possible for many customers who have depots and branches all over the country to transact their businesses with ease as well as enjoy adequate cash management servicesSome of the Division’s services, such as treasury operations and trade services, are centralized in the Head Office to enable the Bank and our customers enjoy the benefits of specialized expertise and facilities.

For further enquiries about our Operations and Technology department, please emailinfo@diamondbank.com. Tel. 234-1-27001500 Fax. 234-1-2619728

THE FINANCIAL INSTITUTIONS GROUP (FIG)

The Financial Institutions Group is responsible for managing the Bank’s relationships with herlocal non‑bank financial institutions (NBFIs) and international finance institutions (IFIs) and correspondent banks.

The Group is organized into five teams as follows:

  • Correspondent Banking
  • Insurance
  • Capital Markets
  • Banking Institutions
  • Pensions Funds Managers
  1. The Correspondent Banking Team: is responsible for managing relationships across the globe with international and developmental finance institutions and export credit agencies (ECAs) the Bank deals with. The team also looks after the Bank’s correspondent banking relationships, which are very important relationships to the Bank given her pre-eminence in trade finance and the role trade finance plays in the development of the national economy.
  2. The Insurance Team: is responsible for harnessing and maintaining relationships in the insurance sub-sector, which constitutes the buyers (parastatals, multinationals, health institutions, oil & gas companies, the transport industry and even individuals), the sellers (insurance companies and re-insurance companies)  and the agents (insurance brokers)  forming a synergy between this market, other strategic business units and the financial institutions group.
  3. The Capital Markets Team: is responsible for managing effective relationships between the Bank and her clients in both the primary and secondary markets for securities. Players in this market include finance companies, stock brokers, issuing houses, registrars and asset managers. The Bank offers funding and best-in-class cash management services to clients in this category towards mutually beneficial relationships.
  4. Banking Institutions Team: manages all institutions in the micro finance and the primary mortgage sub-sectors. The team maintains relationships that create outlets for the sub-sector players to process commercial banking transactions like cheque clearing, cash management, and ebanking transactions.
  5. Pensions Funds Manager Team: with about N3 trillion worth of pension assets under management in the country, the Bank thought the sector was significant enough to create a special team under the Financial Institutions Group to look after such clients’ needs. The team comprise staff that have had cognate dealing experience in the fixed income market, which is designed to ensure they provide the right type of advice to the clients’ in meeting their investment needs at all times.

For further enquiries about our Treasury & Financial Institutions Division, please email treasury@diamondbank.com.

DIAMOND BANK : RETAIL BANKING

The Retail Services Group has been established mainly to facilitate the provision of services that address some essential service needs of the Bank‘s various clients.

The Group’s responsibilities include the design and management of very strong electronic services delivery channels and consumer banking products/services.

The Group focuses on the provision of superior range of value-adding financial products and services that promote the achievement of a strong leadership position in consumer banking and the provision of electronic banking services.

For further enquiries about our Retail Services, please email ecustomerservice@diamondbank.com

DIAMOND BANK : CORPORATE BANKING

The World Corporate Banking Division focuses on the development and management of business relationships with multinational and local large corporations in the manufacturing, oil and gas, and specialized industries.

The Division is building its business on a clear understanding of clients’ business operations and requirements, and is driven by innovative thinking to guarantee the provision of creative solutions to its clients’ business problems.

The objective is to establish strong and enduring relationships.

DIAMOND BANK : PUBLIC SECTOR

Our Public Sector services are directed mainly at meeting specific needs of Federal and State Governments and their institutions and agencies.

We have a dedicated team of bankers with specialized skills in public sector finance to manage relationships.

The service offering includes current (expenditure) account services, revenue collection and management services, privatization, project management, management and payment of pensions, letters of credit for public enterprise/ministries, and government contract financing.

For further enquiries about our Public Sector Services, please email publicsector@diamondbank.com.

DIAMOND BANK : TREASURY AND FINANCIAL INSTITUTIONS DIVISION

The Treasury & Financial Institutions Division is made up of the Treasury and the Financial Institutions Groups. The Treasury Group is segmented into the dealing teams and the Assets & Liabilities Management team. The Dealers are responsible for the Bank’s trading activities in the money, fixed income and foreign exchange markets thus adding to the Bank’s overall profitability. The team is broadly organized along these functional lines:

 

  1. Fixed Income Desk – is charged with trading in securities for arbitrage as well as being responsible for the building the Bank’s investment book. They also execute client deals in the fixed income market. The desk comprise of experienced traders who focus in different segments of the fixed income market, covering bonds and  treasury bills  and  trade actively in both the secondary and primary markets having been appointed one of the local Primary Dealer Market Makers (PDMM) by the Debt Management Office (DMO).
  2. Money Market Desk –This comprises of both Treasury bills investment/trading and local currency funding/liquidity management sub-units. This is the Bank’s primary funding and liquidity management desk; focused on funding the Bank on daily basis, managing its liquidity efficiently and profitably, as well as investing its excess cash for maximum profit in the local interbank market and also building the Banks investment books. The desk also engages in arbitrage trading for profit purposes.
  3. Foreign Exchange Desk –  engages in the purchase and sale of foreign exchange with a view to making profits as well as ensuring that all customers’ foreign exchange demands are met and at the best offer price, as it has been shown that customer driven forex demand has very significant multiplier effect on the Bank’s overall business. The desk is further divided into three sub-desks:
  4. The Assets & Liabilities Management (ALM) team – the ALM team is responsible for developing and managing the framework for measuring, monitoring, reporting the constitution of the balance sheet and impact of same on the Bank’s profitability. The ensure that the balance sheet develops and evolves as had been determined by the Board of Directors, who set risk factors and other balance sheet triggers.

In addition, the ALM team acts as the reporting arm of the Division, preparing the bi-weekly ALCO Reports and other daily, weekly, monthly and periodic financial and strategic reports, which provide effective and efficient tools for Management decision making.

BankOnHer with Diamond Bank – Watch Ibironke Shileola & Ijeoma Ubosi Share Inspiring Insights on Striking a Balance as a Woman

BankOnHer with Diamond Bank – Watch Ibironke Shileola & Ijeoma Ubosi Share Inspiring Insights on Striking a Balance as a Woman

As women, you are tasked with so much responsibility; you get up early and you go to bed late! You go for PTA meetings and travel for your work trips.

Your life is a constant juggling act between work and family. You get no breaks on the weekends, and you are so exhausted that you can barely think straight.

Listen to some inspiring insights on striking a balance between running a business and being a mother & wife from Ibiroke Shileola, MD/CEO Micromedia Marketing Limited while Ijeoma Ubosi, MD/CEO Kontessa, shares one of her boldest sacrifices; quitting her MBA programme at Imperial College, London and moving back to Nigeria.

Watch as a real life woman like you, share their stories on how they are able to be #BoldForChange as well as balance their work & family life.

We understand that it’s no easy feat being a woman and that’s why at Diamond Bank we take our women seriously! In recognition of the immeasurable role you play in the society & in celebration of the Women’s History Month, Diamond Bank wants to reward you with premium gifts right HERE

Follow the conversation with #BankOnHer

Diamond…Your Bank!

Diamond Bank launches Artificial Intelligence Chatbot for millions of Nigerian customers

Diamond Bank launches Artificial Intelligence Chatbot for millions of Nigerian customers

Diamond Bank – Nigeria’s fastest growing retail bank – has launched an Artificial Intelligence (AI) Chatbot, leveraging pioneering technology to reach more customers with an enhanced service in Nigeria.

The Chatbot named ‘Ada’ uses AI technology to provide a human-like interaction and personalized experience for Diamond Bank customers. As Ada learns from past interactions, Diamond can offer more relevant and timely solutions that are really simple for customers to use.

Ada enables transactions such as airtime purchase, bill payments, stock trading, and money transfers all via a social network platform. Already live on Facebook Messenger, the most popular social chat programme, Ada will also be on other messaging platforms in the coming months.

Ada will give Diamond the opportunity to reach millions of people, and facilitate financial inclusion on an extraordinary scale, extending Diamond’s reach into Nigeria’s massive retail opportunity. Diamonds existing customers can already start chatting to Ada.

Ada is also an ideal solution to Nigeria’s evolving lifestyle trends which have moved towards preferences for mobile and digitally delivered services, as well as the use of natural language Ada delivers a consistently great experience every time you talk with her. The move is also aligned with the economy’s culture of innovation and entrepreneurship, and she was built using local talent.

Commenting on the launch of Ada, Uzoma Dozie, CEO of Diamond Bank said: “I believe data and technology has the power to transform Nigeria’s economy, so I am excited to announce the launch of Diamond’s Artificial Intelligence (AI) powered Chatbot named Ada.”

“Ada will allow us to further digitalize the mobile banking process and create an increasingly customized mobile banking experience for our millions of customers, Ada also presents another opportunity to deepen financially literacy and build trust and transparency in our ecosystem.

“I am passionate about how Diamond can leverage technology to tap into Nigeria’s huge market, whereby a large segment of the population is underbanked or unbanked. Data-led technology can plug this gap, and expand financial inclusion on a rapid scale.”

“Diamond already has a foundation of over 15 million customers, and our AI-driven Chatbot Ada will enable us expand our digital-led strategy, and reach even more people across Nigeria through mobile banking.”

As a pioneer in banking through the harnessing of technology and a digitally-led approach, Diamond Bank has already made significant strides in Nigeria in recent years, with foundation of over 15 million customers in Nigeria.

Key Diamond Bank initiatives include supporting Nigeria’s future business leaders through its Building Entrepreneurs Today (BET) programme and upcoming Tech Fest in April, improving financial inclusion by focusing on increasing female participation in the formal economy and the roll out of its Diamond Y’ello mobile banking service, which now has over 9 million users.

Please click here to chat with Adaora Diamond Bank.

Diamond Bank Q3 2017 first reaction

Event: Diamond Bank reports Q3 2017 results

Implications: Downward revisions to consensus PBT forecasts and negative reaction from the market likely

Positives: Limited to OCI gains

Negatives: The bank reported pre-tax and after-tax losses of -N4.1bn and -N2.3bn respectively

Diamond Bank’s (Diamond) Q3 2017 results which were published this afternoon came in weaker than expected. The bank reported a pre-tax loss of -N4.1bn, slightly lower than the –N6.6bn that it reported in Q3 2016. The pre-tax loss was mainly driven by a -7% y/y decline in pre-provision profits. Although both revenue lines contributed to the y/y decline in pre-provision profits, non-interest income which fell by -18% y/y was the major driver. The y/y decline in non-interest income was primarily underpinned by a -72% y/y decline in fx trading income in 9M 2017. Funding income was also down slightly by -2% y/y. The negatives on these lines completely offset a -30% y/y reduction in loan loss provisions. Further down the P&L, the after-tax loss narrowed to -N2.3bn, thanks to a tax credit of N693m and a positive result of N1.2bn in other comprehensive income.

Sequentially, the results showed marked q/q declines on key headline items. The pre-tax and after-tax losses of –N4.1bn and -2.3bn showed wide variance from the PBT and PAT of  N5.2bn and N5.8bn that the company reported in Q2 2017. Compared with our forecasts, both PBT and PAT diverged widely from the (profits of) N3.1bn and N2.6bn that we had modelled for both lines respectively. The variance between our forecasts and the actual results was driven by negative surprises on both revenue lines. To a lesser extent, provisions came in around 6% higher than we had modelled.

Diamond’s 9M 2017 PBT of N6.7bn tracks well behind consensus 2017 PBT forecast of N15.8bn. As such, we expect to see marked downward revisions to consensus 2017 PBT and a negative reaction from the market.

Diamond Bank has underperformed the market year-to-date. Ytd the shares have gained 16% compared with a 36% return on the index.

We rate the shares Neutral. Our estimates are under review.