Diamond Bank has without a doubt been one of the fastest growing retail banks over the years considering their great customer service and powerful social media marketing.
However, following its application to operate as a National Bank, in conclusion with the sale of Diamond Bank UK – Diamond Bank UK Plc; Diamond Bank Plc has received the approval from CBN to operate as a National Bank.
Diamond Bank will cease to operate as an International Bank as a result of this approval.
This is in line with their strategy as the Mr. Uzoma Dozie(CEO) states that
The move to a national banking license marks a continuation of our strategy to focus on Nigeria’s significant fundamental trends, including a large underbanked population and Africa’s biggest economy.
By focusing and optimizing our resources towards Nigeria and the priority area of retail banking, we will be better positioned for longer term growth and greater profitability.
The reduction in minimum capital requirement also increases our capacity to expand the quantum of business and product services we can offer consumers, as well as representing a key step in strengthening our financial position.