(“Diamond Bank”) – Nigeria’s
fastest growing retail bank – is
selling its West African banking
operations in order to focus
on Nigeria’s significant retail
banking opportunity.
Diamond Bank has agreed
to sell its operations in Benin,
Togo, Cote d’Ivoire and Senegal
to Manzi Finances S.A., a Cote
d’Ivoire-based financial services
holding company. Regulatory
approvals have been obtained
in all jurisdictions for the
transaction, which is anticipated
to close before December 31,
By focusing its resources
exclusively on Nigeria,
Diamond Bank is poised to
capitalize on the positive macro
fundamentals inherent in the
Nigerian market. These include
Africa’s largest economy
and evolving socio-economic
trends driven by changing
lifestyle preferences in favour
of mobile delivered services,
and a culture of innovation and
Commenting on the
transaction, Diamond Bank’s
CEO Uzoma Dozie said:
“After 18 years of building the
Diamond Bank franchise in
other markets in West Africa,
the time has come to fully
apply our resources to Nigeria.
This is aligned with Diamond
Bank’s strategic objective: to be
the fastest growing and most
profitable technology-driven
retail banking franchise in
We are prioritizing the
Nigerian market because of its
vast potential. A large segment of
the population is underbanked
or unbanked and the use of
technology and mobile banking
is rising exponentially. This
provides Diamond Bank with
the opportunity to reach millions
of people, and facilitate financial
inclusion on an exceptional
In addition, Diamond Bank
already has a foundation for
growth in Nigeria with over 15
million customers. We also have
a framework in Nigeria that
will allow us to scale rapidly,
efficiently and cost effectively. In
part this is due to our digitallyled
approach which has reduced
the need to have a network of
physical branches to service
Fundamentally this strategy
stands to benefit all our key
stakeholders – shareholders,
customers and employees – in
the immediate, medium and
long term.”
As a pioneer in banking
through the harnessing of
technology and a digitally-led
approach, Diamond Bank has
already made significant strides
in Nigeria in recent years.
Key Diamond Bank initiatives
include supporting Nigeria’s
future business leaders through
its Building Entrepreneurs
Today (BET) programme,
improving financial inclusion by
focusing on increasing female
participation in the formal
economy and the roll out of its
Diamond Y’ello mobile banking
app, which now has over 8.6
million users.

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