Leading retail bank, Diamond Bank Plc, has again reiterated its support for Small and Medium-Scale Enterprises (SMEs) as the Bank announced its disbursement of over N1 billion under the cash flow-based SME lending scheme.
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.
Under the lending scheme, the Bank was able to disburse a total of ₦267 million during the pilot phase, while it disbursed ₦750 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.
Commenting on the remarkable achievement, CEO, Diamond Bank Plc, Uzoma Dozie, said, “This milestone is a demonstration of our resolve to develop innovative ways of advancing financial inclusion in Nigeria and a signal to many more successes to come as we push through our technology-driven retail-focused strategy, designed to position Diamond Bank as the most profitable and fastest growing retail bank franchise in Nigeria by the year 2020.
“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”.
A statement by the Media Relations Officer, Ezechinyere Anyanwu Diamond Bank Plc is Nigeria’s lead driver of financial inclusion, providing enhanced customer experience through innovation and technology.
“It has also played a leading role 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,” the statement added.