NEWS: Diamond Bank Pledges More Support for MSME
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.
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.
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.