The Managing Director of Diamond Bank Plc, Mr Uzoma Dozie, has described trust as an important factor for the acceptability of any electronic banking solution in the nation’s banking system.

The banker, who spoke as a discussant at the panel session of the 2018 Annual National Conference of the Finance Correspondents Association of Nigeria (FICAN), with the theme ‘Banks, Fintechs and Nigeria’s Financial Inclusion Journey’ held in Lagos, pointed that

when trust is breached, the consequences could be severe in any transactional relationship.

Represented at the event by his Special Assistant, at the forum, Dozie noted:

“Customers will not trust a system they don’t understand. For instance, in Nigeria, the Nigeria Interbank Settlement System (NIBSS) recently launched the Mcash, a USSD product that can be used on any platform.

“So, what is required now is education and it is very important because for someone to trust a system, he must understand the system. And the government has a very important role to play in that”, he stressed.

Noting that the slow pace in the implementation of the National Identity Project remains one of the factors hindering the growth of financial inclusion in the country, the Diamond Bank boss queried: “How can I give out loans to someone I cannot identify?”

According to him, while Diamond Bank remains a leading promoter of the current drive towards transforming Nigeria into a digital economy, the increasing foray of fintechs into the financial system is a desirable development.

He said: “We understand that we cannot provide all the services and so we are always willing to partner with people who can provide those services.”

Dozie disclosed that through its Beta Savings Account product had taken banking to rural communities and brought in those previously excluded into the financial system, describing the bank’s BETA Savings account as a safe and convenient savings account which encourages customers to save towards their goal consistently on a daily basis.

He expatiated on the Account: “It is mainly targeted at market entrepreneurs/traders especially women who save regularly, leveraging on the services of “Alaajo” and “Esusu” programs.

“The account provides maximum convenience, security, affordability and flexibility (deposit any amount, withdraw cash whenever you need it) to customers via the use of mobile phone and access to multiple channels (Branch, ATM, BETA Friends – Sales and Service Agents)”, the banking expert added.

On the theme of the conference which focuses on the emerging fintechs and implications for the banking system, Dozie pointed out that banks were in business just like fintechs, noting that banks need fintechs, just as the fintechs need the banks in their joint business desires to meet the needs of the customer.