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Diamond Bank partners Pagatech on branchless financial services

By on October 25, 2011

Diamond Bank Plc has entered into partnership with the Central Bank of Nigeria’s licensed company, Pagatech, to offer branchless and cashless financial services to Nigerian consumers.

Diamond Bank and Paga have been working together on this initiative for nearly two years. The partnership initiative, which is in line with the Central Bank of Nigeria’s drive towards making Nigeria a cashless society will enable the bank’s customers to link their bank accounts to their Paga accounts, as well as permit them to perform varieties of transactions including money transfers and bill payments on Paga, directly from their bank account.

This will ultimately give Diamond Bank’s new and existing customers additional choice and access to the bank.

By linking their bank account to the Paga electronic wallet, customers can also move their money between the two systems freely and easily through their mobile phones around the country, pay their bills and buy airtime from their phones.

Speaking on the partnership, Mr. Alex Otti, group managing director of Diamond Bank, said: “Diamond Bank is committed to delivering excellent banking services to its customers as well as devising new ways of reaching new customers. Expanding the reach of formal banking is vital to our long-term strategy and in due course Paga will allow us to reach a new segment of the population.”

Also commenting on the partnership, Mr. Tayo Oviosu, the chief executive officer of Pagatech said: “Paga aims to work with strong banks and microfinance institutions who share our mission of bringing affordable financial services to the un-banked. Diamond Bank is a leader in retail banking and has been very innovative in thinking how to extend banking services to the un-banked. This partnership and others will help us achieve our goals and bring banking to the door step of every Nigerian.”

Senior Adviser, Retail and Private Banking of Diamond Bank, Garry Marsh,  remarked: “We have been on this journey with Paga for well over a year now. The selection of Paga is as a result of the company is consistently executing on its plans and proving to our team that not only do they have a robust platform, but also they are able to deliver.