Diamond Bank receives national banking licence


  • Move is part of Diamond Bank’s strategy to focus on Nigeria’s significant opportunities
  • Change in license means Diamond can expand product services to Nigerian consumers
  • Logical next steps following the disposal of Diamond’s West African Subsidiary and the sale of Diamond Bank UK

Diamond Bank Plc (“The Bank or “Diamond”), Nigeria’s fastest growing retail bank, has received the approval of the Central Bank of Nigeria (“CBN”) following its application to operate as a National Bank with immediate effect (subject to conclusion of the sale of Diamond Bank UK- DB UK Plc). With this approval the bank will cease to operate as an International Bank.

Diamond Bank receives national banking licence lailasnews

The re-licensing as a national bank supports Diamond’s objective of streamlining its operations to focus resources on the significant opportunities in the Nigerian retail banking market, and economy as a whole.

The move follows Diamond’s decision to sell its international operations, which included the disposal of its West African Subsidiary in 2017 and Diamond Bank UK, the sale of which is currently in its final stages.

The change to national bank status also enables the bank to maintain a lower minimum capital requirement of 10% as against 15% required for international banks. This creates room for the bank to deploy more capital for stronger growth in the quarters ahead through additional investment in technology platforms, customer acquisition and expansion of loans to the critical sectors of the economy.

Uzoma Dozie, CEO, said: “The move to a national banking license marks a continuation of our strategy to focus on Nigeria’s significant fundamental trends, including a large underbanked population and Africa’s biggest economy. By focusing and optimizing our resources towards Nigeria and the priority area of retail banking, we will be better positioned for longer term growth and greater profitability.

“The reduction in minimum capital requirement also increases our capacity to expand the quantum of business and product services we can offer consumers, as well as representing a key step in strengthening our financial position.”

This development does not affect the bank’s ability to offer services to its clients in international locations; Rather, with focus on its domestic business being priority, the bank also intends to pay down in full, the Eurobond loan of $200m at maturity in May 2019. There will be no refinancing of the loan as the intent to pay down with foreign exchange generated from its internal operations, a reflection of the solidity of its operations and funds flow in the last few years

Top quality services to international customers will continue through its digital channels (Diamond Mobile, Internet Banking etc.) and network of correspondence banks.

About Diamond Bank Plc 

Diamond Bank Plc is a leading Nigerian financial services company, which commenced operations as a private limited liability company on March 21, 1991. In May 2005, it was listed on The Nigerian Stock Exchange.

Today, Diamond Bank is the fastest growing retail bank in Nigeria with a track record of high quality banking solutions for customers. It is the lead driver of financial inclusion, providing enhanced customer experience through innovation and technology. Regarded as supporter of lifestyle trends, its mobile banking app, “Diamond Mobile”, currently has over 2 million active subscribers on its platform. Diamond Bank has over the years leveraged its underlying resilience to grow its asset base and to retain its key business relationships.

It has also played a leading role in partnering with domestic and International bodies such as Women’s World Banking, The Gates Foundation, MTN, etc. to create easy access to financial services for the unbanked.

We have cultivated excellent banking relationships with well-known international banks, allowing us to provide a range of world class banking services to suit the business needs of our clients


    • Congratulations? A bank is contrasting u are congratulating them. Its a survival manueover to avoid liquidation. Anyway good they escaped it

  1. That’s a welcome development. Meanwhile, I’d love diamond bank to increase their coverage too, especially through expanding their coverage to rural areas

  2. Diamond bank selling it’s international operation, is to enable them focus on domestic business it does not prevent them from attending to their international clients. Is a good idea.

  3. How does that help their products…. ceasing to function internationally and now concentrating locally. Well, I think they know what they were missing operating with the old license that gave them international right.

  4. Well it sound they are getting stronger in the local market. But this is not progress at all coming from international down to National. Well all the best.

  5. Wow congratulation to the bank,indeed they deserve it . I have been operating with the Bank for some years now .the offer quality service to their customers and also have one of the fastest and most secured mobile app for transfers and purchase of other things with payment of bills

  6. I used to love Diamond bank a lot even tho I don’t have an account with them at least my younger sister does and my laye dad also but right now I’m not happy with what they did to my family. I’m not pleased with them at all and I won’t be pleased with them till they do the needful, infact I’m beginning to regret going there to open an estate account.

  7. Diamond bank is a very reliable bank that gives fastest transaction…good inovation . Diamond bank your bank

  8. Congratulations to Diamond bank, they always give their customers maximum satisfaction more awards to you people.

  9. That’s a good move. They should now focus more fully on improving their services and expanding their branches

  10. that’s a jubilant moment to diamond bank promoters hope you will continue serving your customers the best way you can.

  11. Congrats to Diamond Bank Nigeria for the national license recovered. I also pray God may way to release the international license.

  12. Diamond Bank, a big congratulations to you. The maximum satisfaction you people give to your customers is amazing. Kudos to you!

  13. Am so happy for my bank,”Diamond”for this innovation that will yield longer term growth and greater profitability,is a good idea,,carry on this project to a greater heights.

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