Diamond Bank Public Limited Company (PLC), a commercial bank in Nigeria, recently launched “Diamond-in-Motion”, a mobile banking service truck that will allow customers to open new accounts, pay bills and use a automated teller machine (ATM) as well as make deposits and withdrawals.Mr. Olumide Akindele, head of proposition and liabilities for the bank, stated that this project “is part of the bank’s strategy to take banking to the customers.” He added that it will provide customers with, “the convenience and opportunity to do transactions with ease.” The bank intends to purchase approximately 250 additional trucks to eventually expand the project nationwide. According to Mr. Steve Obiago, head of information technology operations, this endeavor will allow unbanked customers to conveniently access financial services at any location, even in remote villages with no bank branches.
Established in 1990, Diamond Bank is headquartered in the Nigerian city of Lagos. Its operational segments include retail banking, corporate banking and the public sector. As of 2011, Diamond Bank reports total assets of NGN 804 billion (USD 5.06 billion) and total deposits of NGN 602 billion (USD 3.79 billion).
By Sarah Benali, Research Associate
About Diamond Bank PLC
Diamond Bank Public Limited Company (PLC) is a commercial bank that was established in Nigeria in 1990. According to the bank’s website, its mission is “to create a unique International Bank focused on providing creative solutions to customers’ business problems, with an absolute commitment to quality.” Diamond Bank operates in three business segments: retail banking, corporate banking and the public sector. Diamond Bank’s local subsidiaries are Diamond Securities Limited, Diamond Pension Funds Custodian Limited, Diamond Mortgages Limited and ADIC Insurance Limited. As of 2011, Diamond Bank reports total assets of NGN 804 billion (USD 5.06 billion) and total deposits of NGN 602 billion (USD 3.79 billion).
Sources and Additional Resources
Diamond Bank Press Release: “Diamond Bank Launches Mobile Banking Truck,” December 2012, http://www.diamondbank.com/press-center/494-diamond-bank-launches-mobile-banking-truck.html
MicroCapital.org story: “MICROCAPITAL BRIEF: Diamond Bank of Nigeria Offers Collateral-Free Loans to Micro-, Small and Medium-Sized Enterprises (MSMEs),” March 21, 2011, http://www.microcapital.org/microcapital-brief-diamond-bank-of-nigeria-offers-collateral-free-loans-to-micro-small-and-medium-sized-enterprises-msmes/
MicroCapital Universe Profile: Diamond Bank PLC http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Diamond+Bank+PLC
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