Diamond Bank to Unveil ‘eSUSU’ Savings Scheme

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Uzoma Dozie, MD, Diamond Bank Plc

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DIAMOND Bank Plc is planning to unveil ‘Diamond eSUSU’ scheme, a digitised version of Nigeria’s traditional savings system. The eSUSU scheme is expected to revolutionise the savings habit of Nigerians by encouraging and helping participating account holder groups to meet their savings target timely and efficiently.

A statement from the bank described the Diamond eSUSU as a contributory savings scheme that offers a group of customers with common interest, an opportunity to collectively save toward targeted goals of each group member on a rotational basis.

According to Uzoma Dozie, chief executive officer, CEO, Diamond Bank, Diamond eSUSU is in line with the bank’s strategic objective to grow a savings culture among Nigeria’s banking public. “eSUSU brings bottom of the pyramid marketing to the mainstream of banking, this is a great feat to us,” he stated.

Also, Rob Giles, head, transaction and electronic banking of the bank stated that the interest of the customers led to the creation of this innovative product. “We listened to customer feedback and realised that the eSUSU system is not only widespread in all sections of society, but that it is also one of the preferred ways of mixing saving and borrowing. By creating a digital platform, we remove the administration burden for the eSUSU organiser and also provide enhanced visibility of their programme online for the group,” he said.

Diamond Bank Plc is one of Nigeria’s fastest growing retail banks. Through innovation and technology, the bank enhances customer experiences and has continued to contribute to the growth of financial inclusion.

— Feb 29, 2016 @ 01:00 GMT

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