Banking
Diamond Bank’s Giant Strides In ICT, Education, Economy
By Modupe Gbadeyanka
It is no doubt that Diamond Bank has contributed immensely to the growth of education and the Information and Communications Technology (ICT) sectors in Nigeria.
The bank, which targets majorly the youths, has also done well in helping businesses in the country grow, thereby improving the economy of Nigeria. Little wonder most entrepreneurs want to bank with them and the huge number of people doing transactions at Diamond Bank branches across the country attests to this.
For those very conversant with Diamond Bank, financial products developed for customers show it cares much about making Nigeria a better country for all.
In fact, Diamond Bank has continued to lead the revolution in meeting the ever changing behaviour of their customers.
If you wonder why Diamond Bank is majorly targeting the youths, then this might provide the perfect answer.
Statistics from the Central Bank of Nigeria (CBN) and the Nigeria Bureau of Statistics (NBS) show that 63 per cent of the country’s 168 million population are under 25 years and about 64.3 per cent of this huge population that are between the ages of 15-24 do not have a bank account, leaving them with no secure and supportive way to save for future goals.
Diamond Bank, which is aware that youths represent its strategic vision as an organisation of providing superior value and technology-based innovation, tapped into this.
“The buying power of this segment who account for more than half of the population in Nigeria, also makes this engagement a strategic imperative. At the same time, our expansion into the retail market requires that we focus on this group.
“Our core corporate social activity in this area focuses on training and equipping students of tertiary institutions in underserved states across the country with (ICT) and Entrepreneurial Skills. This approach will not only provide youths with practical skills that make them employable but will also serve as a source of livelihood through IT Skills development.
“The first edition of this initiative was held in October 2013 with 100 students in two tertiary institutions in Uyo, Akwa Ibom State.
“The second edition will commence on October 13 in Aba, Abia State.
“The Diamond Bank ICT intervention Project in South-East Nigeria is a capacity building program that will train 100 youth in Aba, Abia State on ICT, Entrepreneurship and Life Skills by December 2014,” said an official of the bank.
The initiative is being implemented in partnership with Paradigm Initiative of Nigeria, a foremost ICT firm in Nigeria.
“Paradigm Initiative Nigeria (PIN) is a social enterprise that connects underserved Nigerian youth with Information and Communication Technology (ICT) opportunities, with specific concern about the ill effects of unemployment and cybercrime among other vices that limit the potential contribution of young Nigerians to the nation’s economy.
“PIN would provide trainees with continued post-program mentorship and support for a period of six months after graduation.
“We want young people to know that Diamond Bank is not just for adults, Diamond Bank is your bank too. We have worked hard to be the bank that understands the financial needs of parents and their children and to provide the right products and support to help them save to achieve their dreams,” the official disclosed.
Africa’s first Nobel Laureate, Professor Wole Soyinka and the Lagos State Government had commended Diamond Bank Plc recently for its role in championing the intellectual development of children and the growth of art in primary and secondary schools.
Deputy Governor of Lagos State, Dr Idiat Oluranti Adebule, stated that Diamond Bank’s initiative and sponsorship of related competitions since its inception in 2012, is a testament of the bank’s strong commitment to the future of children, pointing that such commitment serves as a wake-up call to other corporate organisations to support and participate in various programs aimed at boosting the quality of education in the State.
“The Vision of the Child (VOTC) is an initiative geared towards promoting education through creative thinking, literary arts and painting skills. This vision is in tune with our educational policy in Lagos State and that is why government has participated actively in it since inception.
“We will continue to do so as long as it provides children the platform to express their understanding of the world they live in, their vision of what it should be, as well as their fantasies and dreams,” the Deputy Governor stated.
Speaking further, she said, “We commend Diamond Bank and we are delighted to note that the VOTC, in collaboration with the Ministry of Education, has reached out to over 3,000 schools in Lagos till date. The themes may appear deep and challenging but as we have seen from the exhibitions and literary presentations of the children, Nigeria still has a great future. We also hope to have a good journey in 2016.”
The Chief Executive Officer (CEO) of Diamond Bank, Mr Uzoma Dozie stated that, “At Diamond Bank, we try to go beyond banking and supporting the VOTC is one of our ways of ensuring that we contribute to the growth, development and nurturing of children.”
Also, Diamond bank was named ‘Largest Lender to Small Businesses’ at the Lagos Chamber of Commerce and Industry awards ceremony held at the Muson Centre Onikan Lagos.
The Lagos Chamber of Commerce and Industry (LCCI) is a leading voice of the private sector through its sustained public policy advocacy, stakeholders, engagement and trade promotion activities towards creating a conducive investment arena and prosperous economy.
According to the Award Committee, Diamond Bank was selected for its reputation as the first financial institution in Nigeria to develop a bespoke proposition to medium, Small and Micro Enterprises (MSME) by offering them fixed free account, Business Seminars and Business Clinic in the MSME space.
In a bid to ensure the youths get empowered, one way or the other, Diamond Bank called for increased investment in the music industry.
According to the Bank, the current situation were most operators in the industry lack the requisite specialized management skills to efficiently manage the business of entertainment, it is necessary that corporate organisations and investors come to the rescue by investing in the industry and helping to install reliable and business-focused management.
Mr Ikechukwu Omeife, Team lead, Media Relations, Diamond Bank, said the budding talents in the industry require adequate support in order to fulfil their potentials.
“Our bank believes in the youths of this country and their creative talents and potentials. We believe all these must be properly harnessed. The entertainment industry is a huge industry that has the capacity to absorb good number of unemployed in the country.
“These youths require corporate support and that is why we have been supporting this award for the past three years. We hope other organisations will do likewise by supporting this and other related events so we could jointly lift up this industry,” he said.
Mr Omeife recalled that the products of the industry have received global attention and recognition with the country’s music and its videos becoming very popular abroad.
Another official of the bank, Mr Udoka Oguamanam, noted that the Bank’s interest in youths has driven it to come up with different initiatives targeted at harnessing their unique creative talents. He said the on-going #YouNeedANewBank contest where young people are expected to remix the Bank’s theme song for an opportunity of winning a music record deal and cash prizes, was one of such platforms to encourage them.
Also, still targeting the youths, Diamond Bank Plc raised the stakes higher in the race for digital innovation in financial services as its mobile app users hit the one million mark, thus separating the management and the bank as the leader in the transformation of banking services in Nigeria and the continent of Africa.
The one millionth customer who downloaded and registered the Diamond Mobile app on Valentine’s Day, has his savings account domiciled at Okumagba Avenue branch in Warri, Delta State.
Also, 28 lucky customers were rewarded for downloading, registering and using the Diamond mobile app last December. Each of the 28 customers received gifts ranging from the new Iphone 6, Apple digital wristwatch, a year cable TV subscription, internet data subscription and cash.
The winners emerged through an online electronic draw, which was conducted among the Bank’s mobile app users that participated in December 2015 Diamond Liberacion promo.
Diamond Bank’s digital initiative has remained revolutionary. It gained accelerated growth in 2014, when Uzoma Dozie, highly techie, took over as the CEO and launched a major redesign of the Bank’s digital focus and strategy aimed at expanding its channels of electronic financial services for its customers and, also, improve the financial lives of the under-banked and the unbanked.
Since then, Diamond Bank has improved on all its digital electronic banking services and led a number of innovative projects that have translated to rapid growth on the retail side. Since 2004, Diamond’s Internet banking subscribers grew astronomically, the Bank introduced the Diamond Magic Cash, Diamond Touch ID and Diamond Y’ello with a host of other digital financial services waiting to be pushed into the market.
Additional information from http://www.leadership.ng/business/553666/banking-week-of-innovations-and-changing-lifestyles-of-customers
By Aduragbemi Omiyale
The sum of N427.96 million has been disbursed to more than 1,000 enrollees as surplus by Noor Takaful Insurance Limited and Noor Health Limited.
The payment of surplus is a demonstration of gratitude, accountability, reflection, and celebration of promises made and kept.
At the 2024 Surplus Distribution and Claims Celebration Ceremony in Lagos on Tuesday, August 11, 2026, a total of 22 participants were given surplus payments by Noor Takaful, while 2 enrollees received surplus payments from Noor Health.
Some of the participants that received surplus payments included Jaiz Bank, Lotus Bank, Sterling Bank, The Alternative Bank, Payvantage Limited, Integrated Indigo Limited, Smadac Securities, and Taxaide Logistics.
At the event themed Promise Kept: Celebrating Takaful’s Commitment to Shared Reward, the chairman of Noor Takaful Insurance Limited, Ambassador Shuaibu Ahmed, explained that the company has proven over the years that surplus distribution is not a theoretical concept but a model that works in practice, as evidenced by its consistent payments to participants. He acknowledged that there is growing acceptance of Takaful, as it is increasingly recognised as a credible and established alternative to conventional insurance.
“At Noor, however, we believe it is more than just an alternative. We believe it is a better alternative. We say this because Takaful is built around values that are fundamental to how financial protection should work: equity, fairness, mutual responsibility, transparency, and shared benefit,” he said.
Also speaking at the event, the Vice Chairman of Noor Takaful Insurance Limited, Mr Aminu Tukur, stated that the 2024 surplus distribution was based on the performance of the participants’ risk pool after claims and other obligations had been settled.
Mr Tukur disclosed that the company had grown from a humble beginning of about 60 participants at its inception to approximately 4,000, noting that the company will continue to collaborate with regulators and other stakeholders to promote Takaful and deepen insurance awareness across Nigeria. He added that the company will mark 10 years of operations in 2027.
He explained further that since inception, the company has cumulatively paid N22 billion in claims to beneficiaries/participants, with General Takaful accounting for N7.4 billion and Family Takaful contributing N14.5 billion.
“Our role is to ensure proper management and administration of funds, which includes investments. Secondly, we have a responsibility to ensure that every genuine claim is paid on a timely and stress-free basis,” he stressed.
In his remarks, the chief executive of the National Insurance Commission (NAICOM), Mr Ayo Omosehin, who was represented by the Deputy Director, Insurance, Technical, NAICOM, Mr Usman Jankara, described the payment of surplus to participants as a practical demonstration of the values that define cooperation, shared responsibility, fairness, ethical conduct, and collective prosperity.
He stated that the distribution of surplus by Noor Takaful clearly demonstrates that participants are not merely purchasers of protection but contributors to a system built on cooperation and mutual benefit.
“This has sent a strong message that Takaful can create measurable value while remaining faithful to its ethical foundation,” he added.
Speaking on the recapitalisation exercise for insurance companies recently carried out by NAICOM, he stated that Takaful operators were exempted as they had undergone a similar exercise 4 years ago. According to him, there is no compelling need at the moment for recapitalisation of the Takaful segment of the insurance industry, as all the Takaful operators are well capitalised.
While commending the company for reaching the milestone and promoting participants’ education and engagement, he stressed that NAICOM would continue to support Takaful’s growth while ensuring proper regulatory oversight.
By Aduragbemi Omiyale
The transaction banking capabilities of Stanbic IBTC Bank have been improved with the upgrade of its software to FinnAxia® 9.0.
This was made possible through the collaboration between the financial institution and Nucleus Software, a leading provider of lending and transaction banking solutions.
The milestone reflects more than a decade of collaboration between both organisations in strengthening transaction banking capabilities and delivering enhanced value to corporate and institutional clients.
As customer expectations continue to evolve and businesses increasingly demand seamless, real-time and digitally enabled banking services, Stanbic IBTC Bank and Nucleus Software remain focused on leveraging technology to improve service delivery, enhance operational efficiency and support business growth.
The advancement to FinnAxia® 9.0 enhances Stanbic IBTC Bank’s transaction banking platform, strengthening its ability to deliver integrated payments, collections, liquidity management and cash management solutions.
The upgrade supports greater agility across operations, improves automation and connectivity, enhances digital experiences for customers, and provides a scalable foundation for future growth and innovation.
Across Africa, transaction banking is entering a new phase of transformation as businesses increasingly seek real-time payments, digital trade services, intelligent liquidity management and connected banking experiences.
Financial institutions are therefore investing in modern technology platforms that enable faster innovation while maintaining resilience, security and customer-centric service delivery.
The adoption of FinnAxia® 9.0 aligns with Stanbic IBTC Bank’s broader strategy of leveraging technology to create value for clients and maintain high standards of operational excellence.
“Our relationship with Nucleus Software has spanned a decade and forms part of our broader commitment to continuously strengthening the solutions and services we provide to clients.
“As transaction banking continues to evolve, we remain focused on investing in capabilities that help businesses operate with greater speed, visibility and confidence.
“The advancement to FinnAxia® 9.0 enhances our transaction banking platform and strengthens our ability to deliver innovative, efficient and customer-focused solutions in a rapidly changing environment,” the Executive Director of Corporate and Transaction Banking at Stanbic IBTC Bank, Mr Eric Fajemisin, stated.
Also speaking on the development, the Head of Transaction Banking at Stanbic IBTC Bank, Jesuseun Fatoyinbo, said, “Transaction banking today is about delivering intelligent, seamless and responsive experiences for customers. This enhancement further strengthens our ability to simplify customer journeys, improve operational efficiency and introduce new capabilities more rapidly. It reflects our continued commitment to supporting clients with solutions that evolve alongside their business needs and growth ambitions.”
Speaking on the milestone, the chief executive of Nucleus Software, Parag Bhise, said, “We value our long-standing relationship with Stanbic IBTC Bank and are pleased to support the Bank’s continued efforts to enhance its transaction banking capabilities.
“FinnAxia® 9.0 has been designed to help financial institutions respond to evolving customer expectations through improved automation, connectivity and operational efficiency.”
The advancement to FinnAxia® 9.0 represents the latest step in the ongoing collaboration between Stanbic IBTC Bank and Nucleus Software to strengthen transaction banking capabilities and deliver innovative solutions that support the evolving needs of businesses.
By combining Stanbic IBTC Bank’s customer-centric approach with Nucleus Software’s technology expertise, the partnership continues to drive greater efficiency, agility and value for corporate and institutional clients.
By Adedapo Adesanya
Standard Chartered has launched its ninth sub-fund under its Variable Capital Company (VCC) platform, partnering with Allianz Global Investors (AllianzGI) as the sub-manager to provide eligible clients with access to a gold-focused investment strategy.
The new Signature Select Enhanced Gold Income Fund combines exposure to gold with an enhanced income-generation strategy. The fund invests in gold exchange-traded funds (ETFs) and uses a covered call strategy to seek regular income while allowing investors to participate in the potential long-term appreciation of gold.
Standard Chartered said gold could help diversify investment portfolios because of its relatively low correlation with traditional asset classes and its potential to provide resilience during periods of geopolitical, monetary and market uncertainty.
The fund is available from this month to Accredited and Professional Investors across the Bank’s Priority, Priority Private and Private Banking segments in Hong Kong, Singapore, the United Arab Emirates, Jersey, Kenya and Nigeria. Taiwan is expected to be added later in 2026.
AllianzGI, which has more than 700 investment professionals globally as of March 31, 2026, will provide investment management expertise for the fund.
Its Global Multi Asset Team will be responsible for options selection and the day-to-day management of the portfolio, drawing on its experience in portfolio construction, derivatives implementation, risk management and multi-asset investing across different market cycles.
Mr Sumeet Bhambri, Global Head, Advisory and Managed Investments, Wealth Solutions, Standard Chartered, said the partnership with AllianzGI would strengthen the bank’s latest VCC fund and provide clients with a differentiated investment strategy.
“As clients seek greater diversification amid an increasingly uncertain market environment, the fund provides access to a differentiated strategy that combines gold’s portfolio diversification benefits with enhanced income potential,” Mr Bhambri said.
He added that the launch reflected Standard Chartered’s commitment to expanding its wealth platform through strategic partnerships and delivering innovative investment solutions to clients.
On his part, Mr Marc Gualandi, Head of Global Banks at Allianz Global Investors, said the fund was designed to give investors exposure to gold’s long-term value proposition while generating income through an active options strategy.
“We believe gold can play an important role as a long-term allocation within a well-diversified portfolio,” Mr Gualandi said.
He said AllianzGI would leverage its expertise in income strategies, portfolio construction and risk management to help investors pursue income and long-term portfolio resilience.
Standard Chartered established its VCC platform in June 2024 to combine the expertise of leading fund managers with its global asset-class specialists and provide clients with access to customised investment strategies.
The latest launch brings the total number of sub-funds on the platform to nine and marks Standard Chartered’s fourth fund launch in 2026.
