Given the importance of a seamless payment system to businesses, Nigerian banks have been urged to provide payment solutions that will not only facilitate efficient payment processes but equally shape the future of businesses in the country.
The Chief Executive Officer, Diamond Bank Plc, Uzoma Dozie, said this in a recently published article on his LinkedIn page, Titled “Five Key Learnings from Tech Turks”. The article dwelt on key trends in his interviews with various digital entrepreneurs on Tech Turks – an online video series on Diamond TV.
According to the banker and a technology enthusiast, common trends in the series include, market readiness, the importance of having a vision, prioritising consumer awareness, leveraging technology and finding solutions to challenges with payments.
Commenting on finding solutions to the common challenge of payments, Uzoma said: “This was the one section that piqued my interest the most for three reasons: How effectively were payments being carried out?; what are the challenges faced in terms of payments?; and is it possible for us at Diamond Bank to help?
“In a country where 80 per cent of all payments are made in cash, it is a major challenge for any technology inclined business to drive and induce people to make online payments.”
Diamond Bank is one of Nigeria’s fastest growing retail bank, leveraging innovation and technology to enhance customer experiences and drive financial inclusion in what it terms beyond banking. Since incorporation in December 1990, Diamond Bank has challenged the market environment by introducing new products, innovative technology and setting new benchmarks through international standards.
“It is therefore my understanding that banks have a critical role to play in shaping the future of several businesses in Nigeria and Africa. Payment – or rather monetary success – is critical to all businesses and that’s the one area where most are struggling with. As CEO of Diamond Bank, this provides an opportunity for us to grasp and grow with. And I am certain we will do something out of it soon,” he said further.