Banks will play critical role in shaping future of businesses in Nigeria —Uzoma Dozie

Given the importance of a seamless payment system to businesses, Nigerian banks have been urged to provide payment solutions that will not only facilitate efficient payment processes but equally shape the future of businesses in the country.

This charge was given by Chief Executive Officer, Diamond Bank Plc, Uzoma Dozie in a recently published article on his LinkedIn page. Titled “Five Key Learnings from Tech Turks,” the article dwelt on key trends in his interviews with various digital entrepreneurs on Tech Turks, an online video series on Diamond TV.

According to the banker and a technology enthusiast, common trends in the series include, market readiness, the importance of having a vision, prioritizing consumer awareness, leveraging technology and finding solutions to challenges with payments.

Commenting on Finding solutions to the common challenge of payments, Uzoma admits “This was the one section that piqued my interest the most for three reasons: how effectively were payments being carried out? What are the challenges faced in terms of payments? and is it possible for us at Diamond Bank to help?

“In a country where 80 per cent of all payments are made in cash, it is a major challenge for any technology inclined business to drive and induce people to make online payments.

“As Nkiru Balonwu of Spinlet explained: It’s easy to get a week long or month long paid subscription from European/American countries using PayPal for instance, but that’s not the case with Nigeria, as people often don’t trust the concept of cashless transaction.”

“It is therefore my understanding that banks have a critical role to play in shaping the future of several businesses in Nigeria and Africa. Payment – or rather monetary success – is critical to all businesses and that’s the one area where most are struggling with. As CEO of Diamond Bank, this provides an opportunity for us to grasp and grow with. And I am certain we will do something out of it soon,” concludes the article.