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 Modupe Gbadeyanka
The Nigeria Revenue Service (NRS) has denied reports that customers performing financial transactions would pay a Value Added Tax (VAT) of 7.5 per cent from January 19, 2026.
Information about this emanated from messages sent out to customers of a financial institution, informing them of the new development in compliance of Nigeria’s new tax laws, especially the Nigeria Tax Act 2025.
It was claimed that Nigerians, as part of efforts of the government to generate more funds from taxes, would begin to pay VAT for the use of banking services like USSD and others.
But reacting in a statement signed by its management on Thursday, January 15, 2026, the tax collecting agency emphasised that the VAT collection for such services was not new.
It stressed that customers have always paid taxes for electronic money transfers and others, as this is charged on the fee, not from the main amount of the transaction.
“The Nigeria Revenue Service wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT has been newly introduced on banking services, fees, commissions, or electronic money transfers. This claim is categorically incorrect.
“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime. The Nigeria Tax Act did not introduce VAT on banking charges, nor (sic) did it impose new tax obligation on customers in this regard.
“The Nigeria Revenue Service urges members of the public and all stakeholders to disregard misinformation and to rely exclusively on official communications for accurate, authoritative, and up-to-date tax information,” the statement read.
Business Post reports that what this basically means is that if a customer sends N10,000 and the bank charges N50 for the service, a 7.5 per cent VAT on the N50, which is N3.75, would be paid by the sender, not N750, which is 7.5 per cent of N10,000.
By Adedapo Adesanya
Nigerian-born payments company, Paystack, has announced its entry into the banking sector with the launch of Paystack Microfinance Bank (Paystack MFB) after the acquisition of Ladder Microfinance Bank.
The bank continues Paystack’s push into consumer products and adds a banking layer to its business-focused payment product, coming ten years after the company was founded with the goal of simplifying payments for businesses using modern technology.
In Nigeria alone, the company says its systems process trillions of Naira every month, supporting more than 300,000 businesses and millions of customers. According to Paystack, this growth highlighted a broader need beyond payments, prompting the decision to build a more comprehensive financial offering.
Paystack MFB will begin lending to businesses before expanding to consumers. It will also offer banking-as-a-service (BaaS) products to companies building financial products and treasury management products.
The company explained that while payments are a critical part of the financial journey, businesses and individuals increasingly require a full financial operating system. This includes the ability to store money securely, move funds easily, gain clarity from financial data, and access tools that support long-term growth. Developers, Paystack added, also need reliable, secure, and compliant infrastructure to build new financial solutions efficiently.
To address these needs, Paystack said it has established Paystack Microfinance Bank as a separate and independent entity from Paystack Payments Limited.
The new microfinance bank operates with its own license, governance structure, and product roadmap, although it will work closely with its sister company.
“By adding Paystack MFB to our family of brands, we’re finding the right balance through combining the rapid innovation of a tech-first platform with the stability of traditional banking,” said Ms Amandine Lobelle, Paystack’s chief operating officer.
Last year, it launched its controversial consumer payments app Zap, and now it is taking a step further with the company securing regulatory backing to become a deposit-taking institution. According to a statement, the bank will be guided by the same principles that shaped Paystack’s early success, including reliability, simplicity, transparency, and trust.
Paystack MFB has begun operations with a small group of early members and plans a gradual rollout to more businesses and individuals. The company also announced the opening of a waitlist for interested users and confirmed it is recruiting a dedicated team to help build its long-term banking infrastructure.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has helped First Bank of Nigeria to recover the sum of N802.4 million from a suspect, Mr Kingsley Eghosa Ojo, who unlawfully took possession of over N1.3 billion belonging to the bank.
The funds were handed over the financial institution by the Benin Zonal Directorate of the anti-money laundering agency on Monday, January 12, 2026, a statement on Tuesday confirmed.
First Bank approached the EFCC for the recovery of the money through a petition, claiming that the suspect received the money into his account after system glitches.
The commission in its investigation; discovered that the suspect, upon the receipt of the money, transferred a good measure of it to the bank accounts of his mother, Mrs Itohan Ojo and that of his sister, Ms Edith Okoro Osaretin, and committed part of the money to completion of his building project and the funding of a new flamboyant lifestyle.
With the recovery of the money from the identified bank accounts, the EFCC handed it over in drafts to First Bank.
While handing over the lender, the acting Director for the Directorate, Mr Sa’ad Hanafi Sa’ad, stressed his organisation would continue to discharge its mandate effectively in the overall interests of society.
“The EFCC Establishment Act empowers us to trace and recover proceeds of crime and restitute the victim. In this case, First Bank was the victim and that is exactly what we have done.
“We will continue to discharge our duties to ensure that fraudsters do not benefit from fraud and that economic and financial crimes are nipped in the bud,” he said.
In his response, the Business Manager for First Bank in Benin City, Mr Olalere Sunday Ajayi, who received the drafts on behalf of the bank, commended the EFCC for the swiftness and the professionalism it brought to bear in the handling of the matter and expressed the bank’s gratitude to the commission.
He described the EFCC as one of Nigeria’s most effective and reliable institutions.
Meanwhile, Mr Kingsley and all other suspects in the matter have been charged to court for stealing by the EFCC.
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