Uzoma Dozie, the Chief Executive Officer, Diamond Bank, says the bank has disbursed more than N1 billion to small businesses under the Cash Flow-Based Small and Medium Enterprises lending scheme.
Dozie said this in a statement signed by the Media Relations Officer of the bank, Ezechinyere Anyanwu, on Monday in Abuja.
He said the disbursement was one of the bank’s ways of showing support to SMEs and ensuring financial inclusion in the country.
He said: “This milestone is a demonstration of our resolve to develop innovative ways of advancing financial inclusion in Nigeria.
“It is also a signal to many more successes to come as we push through our technology-driven retail focused strategy.
“This strategy is designed to position Diamond bank as the most profitable and fastest growing retail bank franchise in Nigeria by the year 2020.”
According to Dozie, the scheme, inaugurated in January 2017, in partnership with the Women’s World Banking, features the Cash Flow-based MSMEs Lending Methodology.
He said the scheme had 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.
According to the chief executive, the bank under the lending scheme, has been able to disburse N267 million during the pilot phase.
He said the bank also disbursed N750 million between June and August.
He said: “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.
“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.
“This also applies to those that 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 Plc is Nigeria’s lead driver of financial inclusion, providing enhanced customer experience through innovation and technology.