By Peter Egwuatu
Diamond Bank Plc has advised its Small and Medium Scale Enterprises (SMEs) customers to de-emphasize on cash transactions and embrace electronic banking transactions.

The Bank further disclosed that a total of N10 billion has been set aside as loan to assist the SMEs
grow their businesses.

The SMEs Preposition Head, Diamond Bank Plc, Mrs Chidinma Lawanson who gave the advice at the Bank’s 6th BusinessXpress Enterprise Seminar held last week in Lagos, said, “ There are many advantages to be derived when the SMEs embrace electronic transactions.

The issue of being attacked by customers would be eliminated, there is proper monitoring of cash transaction, proper book keeping and so on. SMEs should encourage their customers to pay them in cheque and draft . With this the banks would be able to monitor the cash flow in their accounts and with this banks can confidently lend to SMEs whose turnover would have proved that they have the capacity to repay any money given to them.”

Disclosing the essence of the seminar, she said ‘ After assessing the challenges faced by some Nigerian entrepreneurs, the Bank decided to design Diamond BusinessXpress product, which was specifically develop to add value to businesses, whether a micro, small or medium scale enterprise.”

According to her, “The product aims to help the bank’s customers under this category to grow their businesses till they graduate to the upper level market.

Because we understand our client’s need for a flexible account that will allow them to carry out their transactions at a minimal rate, we have given them an account with zero Cost of Transaction (COT). A customer with such an account automatically qualifies to attend the bank’s quarterly enterprise business seminars where he/she can learn the latest trend in management and website development, with easy access to business journals.

In addition to giving them excellent banking services, they will also have access to affordable loans as well as business advisory services,”

Mr, Garry Marsh, Head, Retail Banking Diamond Bank, in an interview disclosed that a total of N10 billion was earmarked for the SMEs.

According to him, “N5 billion has been lent to entrepreneurs under this cadre in the last 15 months with another N5billion planned to be dole out before the end of the year as these efforts are targeted at growing the real sector of the nation’s economy through developing the micro economic landscape of the country.

He further said “There are current plans to organise a quarterly business feedback session to be organised within major cities of the country. Also, by next quarter, there are plans to launch a business club among entrepreneurs which have swollen from 8000 in the last 15 months to 40000 entrepreneurs.

The aim is to ensure more network sessions for entrepreneurs which would go a long way to enrich the knowledge of entrepreneurship.”

Participants who attended the seminar session lauded the imitative of the bank as they disclosed they would take advantage of the wealth of experience shared by the facilitators at the seminar concerning
difficulties businesses face to effectively grow to great heights.

Speaking at the event, Olugbolahan Mark-George, chief executive officer, Mark George Consultants said that about 95 per cent of SMEs in Nigeria don’t tend to live beyond their ten years of existence as a result of lack of business plan. He stated that drawing business plans and mapping out effective business strategies would allow one flourish in his business since there is a guide_like structure which keeps the entrepreneur in check.

Olugbolahan stated that businesses were not opened for the fun of it or as a hobby, but with the aim of making profit, maintaining that where good business principles are in place and constantly reviewed
businesses would outlive their founders and extend to even beyond third generation.