2016 financial inclusion week kicks off

Diamond Bank, a leading financial institution in Nigeria, is making significant strides in financial inclusion through innovative digital initiatives. The 2016 Financial Inclusion Week has brought to light the importance of putting clients first in a digital world, as stakeholders aim to achieve full financial inclusion globally. Khairi Olubi, Head of Financial Inclusion at Diamond Bank, shared insights on the progress and strategies driving financial inclusion in Nigeria. Olubi emphasized the pivotal role of digital financial services in driving financial inclusion in Nigeria. Diamond Bank has collaborated with partners like Women's World Banking to develop products that leverage digital platforms to reach a larger customer base. By focusing on providing quality services through digital channels, the bank aims to empower customers, particularly those in the lower income segment, with products like microloans, enabling them to improve their quality of life. Despite economic pressures impacting the banking sector, Diamond Bank remains committed to enhancing financial inclusion. Olubi highlighted the impact of products like microloans in supporting customers during challenging times. By utilizing digital platforms to analyze customer profiles and offer microcredit solutions, the bank aims to address the evolving needs of its diverse customer base. One of the key strategies adopted by Diamond Bank to foster financial inclusion is 'Diamond Yellow,' a partnership with MTN that allows customers to easily open accounts and access financial services through their mobile phones. This initiative has led to a significant increase in active customer base, reflecting the success of the bank's approach in expanding its reach and offerings. Furthermore, Diamond Bank has identified the agency aspect of financial inclusion as a significant opportunity for growth. By leveraging a network of agents, including SME customers who serve as agents, the bank is able to enhance its presence and service delivery at a fraction of the cost of setting up traditional bank branches. This innovative approach not only reduces operational costs but also creates entrepreneurial opportunities for individuals to become agents and extend financial services to their communities. Olubi emphasized the importance of adapting to market trends and customer needs to drive sustainable financial inclusion. By continuously evolving their digital platforms, expanding their customer base, and empowering agents in local communities, Diamond Bank remains at the forefront of promoting financial inclusion in Nigeria. As the financial landscape evolves, Diamond Bank's commitment to keeping clients first in a digital world positions them as a key player in advancing financial inclusion in the country.