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Business News

Diamond Bank confirms it controls 40% of USSD transaction volume

Diamond Bank Plc has revealed that it currently controls 40 percent of USSD transactions.

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Diamond Bank's merger with Acess Bank

Diamond Bank Plc has revealed that it currently controls 40 percent of the volume of Unstructured Supplementary Service Data (USSD) transaction in the banking sector.

Alex Alozie, Head of Operations, Diamond Bank revealed that the bank has over 10 million retail customers across the country.

In his words:

“As at today, the number of customers using our USSD code, *426#, is even more than the number of people using our app on daily basis and then, in terms of the number of transaction, we control over 40 percent of the industry market on that and then ours is unique because you can actually use any type of phone.”

Uzoma Dozie, Managing Director of Diamond Bank Plc, attributed the acceptability of its USSD platform to the trust built over the years and customer education which is an important factor for the acceptability of any electronic banking solution.

The USSD technology is a protocol used by network operators to communicate with a service provider platform. It is a session based, real time messaging communication technology and it is considered cost-effective, more user friendly, faster in conducting financial transactions.

Diamond Bank Plc was recently fined N250 million by the Central Bank of Nigeria (CBN) following the apex’s bank investigation on foreign exchange remittances on behalf of telecommunication-giant, MTN.

Result for the half year ended June 2018 shows gross earnings increased from N97.9 billion in 2017 to 98.5 billion in 2018.

Profit Before Tax was 2.9billion for the period ended June 2018, a 69% decrease compared to a profit of 9.5 billion reported for the period ended June 2017.

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The bank’s profit after tax for the half year ended 30th June 2018 was 1.80 billion , a 78% decrease compared to a profit of 8.02 billion recorded H1 2017.

Diamond Bank Plc commenced operations as a private limited liability company in 1991, and was listed on the Nigerian Stock Exchange in 2005. Its shares were traded at N1.18 as at Friday last week on the floor of the Nigerian Stock Exchange with a one year return of 7.27%.

 

 

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Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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    Business News

    Lagos commences enforcement against building collapse, substandard materials

    The state government has moved to actualize its vision of zero tolerance for building collapse.

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    The Lagos State government said that it has commenced aggressive enforcement against quackery in construction to end building collapse in the state as it called for the support of building professionals.

    This is as the state government has moved to actualize its vision of zero tolerance for building collapse.

    This disclosure was made by the General Manager of Lagos State Materials Testing Laboratory (LSMTL), Mr Olufunsho Elulade, at its inaugural stakeholders’ conference with the theme, ‘Construction, Material Quality Control and Assurance in Lagos State, on Tuesday in Lagos.

    According to a report from the News Agency of Nigeria (NAN), Elulade identified the use of substandard building materials and lack of adherence to quality assurance standards as the major causes of building collapse in the state.

    He said the agency will immediately start standard enforcement in the building construction value chain to ensure the use of the right materials.

    Elulade said, “We are, hereby, using this medium to state the terms of operations with all our stakeholders across the state; we want to partner with you to move the state forward in order to have safer Lagos for the benefit of all.’

    He emphasized the importance of doing away with the menace of quackery, substandard materials and corruption in the construction sector.

    The LSMTL boss outlined the various services offered by its laboratory which includes soil tests, water quality assessment, calibration, destructive and non-destructive tests, among others.

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    While launching the new logo of the agency, Elulade, pointed out that it was a strategy to eliminate quacks and private laboratories using the agency’s old logo to impersonate its operations and mislead the public.

    Also, the Public Relations Officer, Nigerian Institute of Builders (NIOB), Lagos Branch, Mr Olusesanayo Philip said the institute would sustain its public sensitisation campaign adding that the institute was also partnering with LSMTL to sensitise the public on the need to engage professional builders to tame the monster of building collapse in Nigeria.

    What this means

    The enforcement against quackery and the use of substandard materials in the construction value chain by the Lagos State government will come as a huge relief to residents and a boost to its fight against building collapse.

    There have been numerous building collapse incidents in various parts of the state with attendant human casualties, due to the use of substandard materials or non-compliance with the state’s building planning laws and standards.

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    Business

    Burger King to open first outlet by Q4 2021- Franchisee

    Burger King is expected to employ about 6,000 people (direct and indirect) in Nigeria between 2021 and 2026.

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    Burger King

    Burger King, an American multinational hamburger fast food chain, is expected to start its operations in Nigeria by the fourth quarter (Q4) of 2021.

    The company is also expected to employ about 6,000 people (direct and indirect) in the country between 2021 and 2026, other things being equal.

    These were disclosed by Antoine Zammarieh, the Franchisee of Burger King in Nigeria and Managing Director, Allied Food & Confectionary Services Limited, in an interview with Nairametrics on Tuesday.

    He said, “Burger King will start operations by Autumn, i.e between September and November 2021. We have set up the Quality Control unit and have met some of our local suppliers to seal the deal. Also, we have sent some of the ingredients to America to test quality.

    As a company, we are delighted to enter this new market being the largest country in Africa and are looking forward to serving our future guests with our world-famous Burger King meals.

    Most importantly, our goal is to positively contribute to the economy by creating more jobs and employment opportunities. In five years, we hope to directly or indirectly employ between 5,000 and 6,000 people in Nigeria.”

    Zammarieh added that the hamburger maker, in a show of interest in the Nigerian market, had signed a development agreement for the Nigerian market.

    He explained that the development agreement of the chain in Nigeria, which was recently signed, would give more confidence to the Nigerian market and consumers in general, especially during these hard times.

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    What you should know

    Nairametrics had reported, three weeks back, when Zammarieh said, “I always believed in Nigeria and in its people. I am confident this venture will go a long way and prove successful for Burger King, Nigeria, and our company.”

    “I believe this will be a tremendous step towards giving more confidence to the Nigerian market and consumers in general.”

    What to expect

    The first outlet of the hamburger chain in Nigeria is expected to be launched in Lagos.

    The Florida-based restaurant chain is set to join the likes of Dominos Pizza, Krispy Kreme, KFC, and Chicken Republic (pieXpress) in a stiff competition for market share and dominance in a saturated market, with hundreds of other traditional restaurant chains.

    Burger King is expected to dig deep into its quiver of strategies to ensure an impressive performance and success in its first year of operation, as other players have been having it tough following their respective launches into the Nigerian market.

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    The COVID-19 pandemic however has affected the fast-food industry severely, as the disruption to the industry’s supply chain, especially the on-trade channel, which accounts for a significant percentage of restaurant sales, triggered declines in their profits in 2020.

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