Banking
Diamond Bank to Reward Customers with N600m
By Dipo Olowookere
A whopping N600 million has been set aside by Diamond Bank Plc to reward its loyal customers in the DiamondXtra Season 9 bonanza.
Activities planned for the season include extra ordinary draws that will produce 3164 lucky winners throughout Q3 2017.
According to information made available to the press, the Bank stated that in the months of July, August and September, N137 million will be given out to lucky customers that will emerge from the draws: 8 millionaires in July and September while 24 millionaires will emerge in August as N1 million will be won by a lucky customer every working day plus loads of other cash prizes.
During this period, 3 lucky customers will be rewarded with salary for life and will receive N100,000.00 every month for the next 20 years.
According to Chioma Afe, Head, Corporate Communications Division, Diamond Bank’s passion and commitment to its customers “is driven by the conviction that making them to save and plan for the future is what sustains the growth and development of any economy”.
She stated that DiamondXtra draws have come a long way in impacting the lives of new and existing customers of the Bank that had participated in the promo over the years.
She added that the draw is a unique customer reward scheme tied to the DiamondXtra account, which aims at promoting savings culture among Nigerians by rewarding them for saving.
She said: “In this Season 9, Diamond Bank is set to create more millionaires in Nigeria by empowering them with the resources to change their lives and, also, be active participators in the economy. Twelve customers would be rewarded with salary for life and will earn N100,000.00 for the next twenty years. That is how much we value our customers and help them shape their future”.
According to her, with a deposit balance of only N5,000 (five thousand naira) a customer is qualified to participate in the draw and multiples of that amount increases the customers chances of winning.
The DiamodnXtra initiative was launched in July 2008 and has produced 5,600 winners with a cumulative cash reward of over N4 billion.
The Season 9 edition promises to be more rewarding as the Bank has reaffirmed its commitment to financially empower more Nigerians by spreading the draws across the six geopolitical zones.
According to Afe, beginning from July 13, 2017 to September 30, 2017, every new and existing customer of the Bank who saves a minimum of N5,000 (five thousand naira) will stand the chance to win any of the prizes, which include salary for life, N1m for 31 customers, N500k for 20 customers, N10k for 600 customers, N500 for 400 customers and free recharge cards for 2000 customers.
The Bank has also introduced a new dimension to the reward scheme where customers are rewarded for loyalty. Customers who have maintained their DiamondXtra accounts for 5 years and above and have increased their balances with multiples of N5000 during this period will qualify for a special Longevity draw where 10 customers will receive N1m each while 100 customers will get N100k each.
According to Afe, a customer stands a better chance of winning if he or she saves more as every N5,000.00 in the account of a customer represents one entry ticket into the draws.
“Every DiamondXtra account customer has equal opportunity of winning in the daily transparent electronic draws. We would like to reassure all our loyal customers that Diamond Bank will constantly seek robust platforms like this not just to enrich them but to let them know that we care for their future wellbeing”, she said.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
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.
