Access Bank Invests N6.6bn In Customer Rewards

Access Bank said it has invested N6.6 billion in customer rewards through its DiamondXtra scheme since the program began in 2008.

This is as the Bank reintroduced its ‘Salary for Life’ initiative as part of the DiamondXtra Season 17 promotion.

During the regional draw event held at the weekend in Lagos, Regional sales director of Access Bank, Olukemi Olayinkashared that 165 customers were awarded various prizes, including five individuals who each won N100,000.

“This initiative has made a significant difference, benefiting over 33,000 families,” Olayinka stated.

The DiamondXtra scheme, which traces its roots back to the former Diamond Bank before its merger with Access Bank, has seen tremendous growth over the years.

Olayinka noted that “131 customers are currently enrolled in the Salary for Life program, with three additional winners to be introduced this season. These beneficiaries receive N200,000 monthly for 15 years.”

According to her, in the ongoing season, Access Bank plans to reward 12 customers with N1 million each and offer two sport utility vehicles (SUVs) as prizes.

“In addition to financial rewards, Access Bank is committed to fostering the growth of small and medium-sized enterprises (SMEs) by providing business training and collateral-free loans.”

“Our support extends beyond rewards; we strive to empower our customers by assisting them in overcoming business challenges, coupled with loans based on turnover; some reaching up to N10 million,” Olayinka explained.

She highlighted that these consistent rewards play a vital role in promoting financial inclusion, encouraging more individuals to engage with banking services, saying that “through this initiative, we have not only retained our existing customers but have also attracted a wealth of new accounts.”

The unit head of Consumer Banking, Access Bank, Adaeze Ume, indicated that “the reinvigoration of the Salary for Life scheme was driven by customer feedback. The bank gathers preferences annually, revealing that this year, 40 per cent of respondents favoured the scheme, a notable increase compared to previous years when car rewards were more favoured.”

Ume added that “the current season also features digital cluster draws, allowing customers to generate referral codes through the Access App. Groups of 50 individuals referred can qualify for N100,000, with 150 slots available for such groups, including 30 specifically reserved for women under the bank’s ‘W’ initiative.”

Access Bank reported that DiamondXtra now boasts over five million account holders, with an ambitious goal to add at least one million more by year’s end. The program, reflecting the Bank’s commitment to enhancing mass-market participation and generating social impact, is being rolled out across various regions in Nigeria, including Lagos, Abuja, the South-West, and North-Central areas.