Banking
Diamond-Access Bank Merger: What’s in it for Stakeholders?
By May 31 this year, technical details of Diamond-Access Banks’ merger would have been finalised, all things being equal.
Subsequently, the process for integration of both banks would commence in earnest leading to a rebranding of what will eventually emerge by end of September or beginning of October as Nigeria’s biggest, and perhaps one of Africa’s largest lender by capitalisation and geographical spread.
Anxiety of some shareholders and other stakeholders in some quarters is understood given the fact that many are wondering how the merger can squeeze value and guarantee competitive returns on equity (ROE). In fact, the underlying interest of an average investor is returns on equity, ultimately profit.
Therefore, the question on the lips of a cross section of stakeholders has been: What will this merger deal offer? The single straight answer lies in the theory of economies of larger scale.
Information gathered from recent interactions with key management staff of both deposit money banks spearheading the business combination processes indicate that over N150 billion could be saved as direct result of economies of large scale which will translate to returns on equity to shareholders.
According to the business combination experts, the synergy will yield over N62 billion savings on the revenue side. They said that N40.9 billion would come from extended product offering while N8.4 billion from expanded digital channels.
They also hope that N6.7 billion is going to be saved from the extension of market share in corporate and retail banking markets, and another N6.2 billion to be dug from treasury sales.
That is not all the good side to what could be eked out from the merger. On the expenditure side, the managers believe that savings of N88.1 billion would be made; and from procurement and facility management a whopping N40.5 billion or about half of the savings is expected to come while N21 billion will accrue from cost of funds reduction through lower deposit pricing.
More savings of N12.6 billion from IT integration; N13.5 billion from branch consolidation; and another N500 million to be squeezed from support functions integration, bringing envisaged total integration savings to about N150.1 billion.
The merger managers were of the opinion that going forward the savings would improve investor’s equity returns as the merger would allow for both economies of scale and of scope as fixed costs would be shared over a much larger depositor and borrower base.
How realistic are the permutations?
As to how this permutation will be realized and ultimately translate into good returns to shareholders, financial analysts at Proshare said they believed the merger would yield good returns to shareholders but cannot say for certainty how much returns.
Proshare Managing Director and Chief Executive Officer, Mr Femi Awoyemi, told Nigerian Tribune that integration of the two banks is one of the best deals ever in Nigeria’s financial industry, stressing that the adoption of cutting edge technology platform of Diamond Bank and the ability to deliver seamless services to generations of customers would be of competitive advantage for Access Bank which he said is being run efficiently.
As to what place the integrated Diamond-Access Bank will occupy in Africa financial markets, the financial analyst said technology and efficient service delivery makes all the difference in competitive financial markets of today.
He said: “Let us just concentrate on building and integrating the bank. I have been to Access Bank in Kigali, Rwanda. Access Bank in Kigali is as efficient as anything. In fact, services they offer there are far better than what they offer in Nigeria.
So, being a big bank in Africa is about services, it is about customers, it is about integrating regions. That is why I am keen about what they do with technology. Generally, the bank will do well because it is being run efficiently,” Mr Awoyemi concluded.
Former Chief Economist/Group Head, Research & Economic Intelligence Group at Zenith Bank Plc, Mr Marcel Okeke, said it is going to be a good deal for all stakeholders.
For the shareholders of Diamond Bank, he noted, a mark-up in the share price at the Nigerian Stock Exchange (NSE) already guarantees them instant returns compared to what the value had been pre-merger talks.
Besides, for those of them who may choose to remain shareholders post-merger, they are going to be part of the bigger financial institution, probably the biggest in Africa in terms of customer base.
He said that the role cutting edge technology and size can play in the banking market of today is tremendous, adding that going by the credibility of Access Bank, stakeholders are in for impressive returns.
“So, they are going to operate as the biggest in Nigeria if not the African sub-region. This implies that they are going to become more profitable even though there are significant liabilities outstanding which I believe would be resolved,” said the financial analyst.
Customer-client savvy as driving motive
But of greater importance in the merger scheme are customers of the bank who stand the chance of achieving a lot more through the combination of Access Bank and Diamond Bank.
“The products and services that Diamond Bank’s clients enjoy, including its commitment to digital innovation, will continue unchanged and will be strengthened by Access Bank’s extra-ordinary commitment to customers, financial inclusion and sustainability, bolstered by the bank’s corporate expertise and strong balance sheet.
“Together, we will bring the power of banking to millions across Nigeria, focused on speed, service and security. We are determined to ensure that both Access Bank and Diamond Bank customers will experience no disruption to normal banking services while we join forces to create Nigeria and Africa’s largest retail bank by customers,” a source at Diamond stated.
With 3100 automated teller machines (ATMs), over 600 branches, supported by Diamond Bank’s bouquet of technology-driven products offerings including Diamondxtra and XclusivePlus, over 29 million customers of Diamond Bank and Access Bank, more than 13 million mobile customers are going to enjoy some reward scheme for using Diamond or Access Bank POS terminal, as well as same day clearing of cheques for Diamond and Access customers in both banks.
Of greater comparative advantage to customers of both banks is the AccessAfrica initiative which guarantees service in all Access Bank subsidiaries – Nigeria, Ghana, The Gambia, Democratic Republic of Congo, Rwanda, Zambia and Sierra Leone.
“The AccessAfrica service is available in all Access Bank subsidiaries – Nigeria, Ghana, The Gambia, Democratic Republic of Congo, Rwanda, Zambia and Sierra Leone. Our customers can now enjoy instant borderless banking from any access bank branch.
“When they walk into any Access Bank branch and initiate payment in their local currency, the beneficiary will receive an instant direct credit to their account or cash in their local currency,” said senior management staffers of Access and Diamond spearheading the merger processes.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
