In reiterating its support for Small and Medium-Scale Enterprises (SME), Diamond Bank Plc said it has disbursed 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.
Speaking on the achievement of the scheme, 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.”
He noted that 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, saying that 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, 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”, said Dozie.