Diamond Bank Plc has reiterated its resolve to continue to encourage entrepreneurs in the micro, small and medium scale enterprises (MSME) sector of the Nigerian economy.
Mr. Chima Nnadozie , Head, MSME Propositions of Diamond Bank, stated this in Abuja, the Federal Capital Territory (FCT) while addressing participants at the 34th Diamond BusinessXpress Enterprise Series.
Nnadozie noted that the purpose of the seminar which is being hosted across the country was to support owners of MSME grow their businesses through capacity building.
He disclosed that the bank is supporting the SMEs with the realization that the wealth of a nation is directly connected to the level of entrepreneurship in that nation.
“We are supporting the growth of SMEs because we recognize that the future of this nation lies in the hands of entrepreneurs, so any energy expended in building up that sector cannot be wasted. It is something that is going to benefit the economy in years to come,” he said.
Nnadozie noted that the business express seminar is a complete package of everything a bank could provide to a small business to enable it grow.
He explained that for MSMEs to attract loans from the bank, the entrepreneur should have an account with the bank, invest in the business and have a location from which it operates, adding that collateral security which used to be a big issue in loan consideration and approval was no longer the case.
Nnadozie said the Diamond BusinessXpress Account (DBXA) is a current account designed to meet the needs of MSME such as hotels, supermarkets, businessmen, professionals, travel agencies, trading outfits, schools, churches, fast food outlets, restaurants, clubs and entertainment outfits.
He noted that DBXA account is available in three variants: Starter, growing and established; adding that it was designed to add value to micro, small and medium scale enterprises so that entrepreneurs could grow their business with smart banking.
The features and benefits of the account are zero COT, invitation to business development seminars, fixed monthly fee as low as N1,750, easy access to business loans, personal credit cards and access to a personal website at a discounted price amongst a host of others.
He said it was the banks strategic plan to continue to expand the branch networks and all the customers touch points to accommodate the growing number of its customers across the nation.
“Diamond Bank has in few years ago less than 30 branches but today it can boost of more than 240 branches. The bank is working hard on expansion and by the end of the year it would have increased tremendously,” he added.
Mr. John Ekpikhe, Senior Consultant, Mark-George Consultants, one of the leading business solution companies in the country described the initiative of the bank as a silent revolution for the SMEs industry.
“With the seminar Diamond Bank is positioning itself as number one caretaker of the small business industry and I believe they are not just controlling the market they are the leaders, they are setting the pace and as we go round the country we are unearthing more and more of the small business people, we are giving them capacity, we are training them,” he said.
He noted that the seminar will have a multiplier effect, adding that by the time participants apply what they have learnt to their business it will have more positive effect not only in the businesses but also on the workforce.