Trust Crucial in e-Payment, Says Diamond Bank CEO

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  • Trust Crucial in e-Payment, Says Diamond Bank CEO

The Managing Director, Diamond Bank Plc, Mr. Uzoma Dozie, has said that trust is an important factor for the acceptability of any electronic banking solution.

He spoke during a panel session at the 2018 annual national conference of the Finance Correspondents Association of Nigeria, with the theme, ‘Banks, fintechs and Nigeria’s financial inclusion journey,’ in Lagos, recently.

Doozie, who was represented at the event by his Special Assistant, Mr Kehinde Erinle, was quoted in a statement as saying when trust became breached, the consequences could be severe.

He stated, “Customers will not trust a system they don’t understand. For instance, in Nigeria, the Nigeria Interbank Settlement System recently launched the Mcash, a USSD product that can be used on any platform. So, what is required now is education and it is very important because for someone to trust a system, they must understand the system. And the government has a very important role to play in that.”

The managing director also identified the slow pace in ensuring everybody in the country has a unique identity number as one of the factors hindering the growth of financial inclusion in the country.

“One of the problems we have in Nigeria is the issue of a unique identity number. How can I give out loans to someone I cannot identify?” he said.

According to Dozie, Diamond Bank is presently a digital company and not just a bank. “We understand that we cannot provide all the services and so we are always willing to partner with people who can provide those services,” he said.

He said the bank, through its Beta Savings account product, had taken banking to rural communities and brought in those previously excluded into the financial system.

He described the bank’s BETA Savings account as a safe and convenient, encouraging customers to save towards their goal consistently on a daily basis.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: samed@investorsking.com.

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