Diamond Bank, Visa, partner to provide multiple payment options for Customers

Diamond Bank Plc has partnered with Visa to launch mVisa, a payment channel that gives customers full control of multiple financial transactions.

The payment channel is designed to help expand the financial inclusion strategy of the Central Bank of Nigeria (CBN) as customers will make payments using their mobile phones “through the QR code and USSD channels”.

The payment system, according to a statement made available to the press, is targeted at ensuring that account holders create and initiate different payments from Person to Business and Person to Person using the platform.

Shedding more light on the rationale for mVisa payment channel, Diamond Bank’s chief spokesperson, Chioma Afe, stated that the unveiling of the service is timely and aligns with the cashless policy of the Central Bank of Nigeria (CBN) and the digital growth strategy of the Bank.

According to her, millions of account holders will have unhindered access to the Bank’s services while still enjoying the financial transaction freedom that is now available to the Bank’s numerous customers and potential customers.

‘’With the introduction of this service, Diamond Bank has raised the bar for cashless banking in Nigeria by maintaining its leadership role in driving digital financial revolution in the country. With the mVisa service, our customers will be able to make payments to different merchants using their mobile phones as the only tool. To us at Diamond Bank, meeting the needs of the customers’ changing financial lifestyle is a task that we will always strive to satisfy”.

Reiterating Afe, Robert Giles, Head of Retail Banking Businesses stated that the revolutionary payment channel will help the Bank deepen financial inclusion, noting that unlike the traditional POS which is FX intensive and require power and maintenance, the mCash QR can be produced more cheaply and therefore will reach more locations including micro businesses.

” I think this is the biggest thing that has happened in the industry since the first debit card was introduced – it’s going to change the way we pay and dramatically extend the availability of cashless payment channels in Nigeria”, Giles pointed.

Speaking further, Afe stated that a core component of Diamond Bank’s strategic focus is to ensure the enhancement of the financial lifestyle of the unbanked and under-banked by providing convenient 24/7 banking services, increased payment channels via the mobile phone, pointing that the new mVisa payment channel comes with a secure ID code that protects customers’ transactions.