By Modupe Gbadeyanka
One of the most reputable financial institutions in Nigeria, Diamond Bank Plc, has announced the change of names of six of its flagship financial products.
The products of the bank rebranded to capture more services they render were MSME Propositions, MSME Domiciliary Account, Diamond BusinessXpress Account (DBXA), Diamond SchoolXpress Account (DSXA), MSME loans and MSME Business Registration Service.
Diamond Bank explained in a statement to newsmen that the name change was borne out of the need to align its product offerings to the changing lifestyle of its customers, and also, point the future direction of the Bank to constantly refresh its products to meet the current needs and lifestyle of the customer.
The bank’s chief spokesperson, Mrs Chioma Afe, further explained in the statement that the change of names of the six products was in line with the bank’s renewed business focus.
“Our aim, among others, is to rightly position our products to conform to current business realities, and most importantly, ensure that our product offerings are tailored to meet the continuously changing lifestyle of the customer,” she said.
According to her, MSME Propositions has been changed to Emerging Businesses, while MSME Domiciliary Account is renamed Emerging Business Domiciliary Account.
Also, Diamond BusinessXpress Account (DBXA) is changed to Diamond Business Advantage (DBA) while Diamond SchoolXpress Account (DSXA) is renamed Diamond School Advantage (DSA).
Others, she said, include MSME loans now changed to Emerging Businesses Loans while MSME Business Registration Service is changed to Emerging Businesses Registration Service.
However, Mrs Afe emphasised that, “The name change does not affect the product quality, as the service delivery remains the same. What we have done is to refresh them and ensure that the customer will derive the utmost benefit using any of these products,” Afe added.
It was clarified that the name Emerging Businesses properly captures its overall aim, which is to aid small businesses to grow and become established and big enterprises.
Emerging Businesses proposition, therefore, act as a pipeline feeding the middle and lower segment of the market.