DiamondXtra: A legacy reward system that supports financial inclusion

Lagos – Founded 16 years ago, Diamond Bank’s DiamondXtra, a savings and rewards account that gives Access Bank customers a variety of prizes, is unlikely to last more than four years, compared to many similar products from other banks. ~It probably didn’t last much more than 4 years, so it probably wasn’t much.

Notably, when the merger between Access Bank and Diamond Bank took place, there were fears that the savings scheme would not be sustainable but to the surprise of Nigerians, the scheme survived and remains the longest running reward scheme as Access Bank has taken steps to make the scheme stronger and better.

Now in its 16th year, the bounty scheme turns customers’ stories into stories and spreads the draw across the country, helping to bring more unbanked Nigerians into the banking system.

DiamondXtra was launched as SavingsXtra in July 2008 by the now defunct Diamond Bank to encourage savings and reward loyal customers. Following a product repositioning in 2013, the rewards scheme was renamed from SavingsXtra to DiamondXtra.

To qualify for DiamondXtra Season 16 which is open to both new and existing customers, new customers need to open an account by dialing *901*5# or visiting any of our branches to open a DiamondXtra Savings Account with just N5, 000. The more multiples of N5, 000 both new and existing customers save, the more chances they have of winning in the monthly, quarterly and yearly draws.

DiamondXtra is an interest-bearing hybrid account that can be opened with a minimum of N5,000 and allows you to deposit both cash and third party checks of up to N2 million. A hybrid is one that combines the features of both a savings account and a checking account.

A total of 26,896 customers have received over N6.51 billion in rewards paid to winners who are now enjoying the new status conferred by the savings scheme.

The total prize to be given away this season is 200 million naira with the star prize being three brand new SUVs to be awarded to three lucky DiamondXtra customers (one per quarter) with 15,768 customers set to be winners in this season 16.

The draw for the reward scheme, a special interest-bearing hybrid account that allows for the deposit of both cash and third-party cheques, will also be held across six geopolitical zones in Nigeria.

The categories are: Three lucky DiamondXtra customers will receive three of his new SUVs as star prizes. Includes monthly draws, loyalty rewards, regional draws, on-site draws, free digital marketing training, and digital cluster draws.

There are regulatory bodies (National Lottery Regulatory Commission and Federal Competition and Consumer Protection Commission) that monitor draws to ensure transparency.

To receive the rewards, you need to open a DiamondXtra account with a minimum balance of N5,000. Any multiple of N5,000 will give you more chances to win.

Speaking at the launch at the Alaba International Market, Lagos, the Regional Sales Director, Lagos, Mr Bolarinwa Animashaun, said the new season would bring more benefits to customers as the bank has considered their interests with the new improvements. Get on board now.

Animashaun said: “Over the past 15 years, we have been able to ensure customer loyalty, reward our dedicated customers over time, and demonstrate that we are a bank that is ready to empower and partner with people. Ta.

“In concrete terms, we have paid out compensation to 26,696 clients during this period, totalling N6.5 billion.

“Season 16 is interesting. First of all, we saw a lot of opportunities to move into the digital space. And this season, we rewarded 15,786 customers, 10,000 of whom were rewarded digitally. You will receive it.

“This is almost half of what we’ve done in the last 15 years. That’s what makes it so special. We considered the possibilities of how technology could expand our business and benefit our customers.”

The Daily Independent reported that the draw for the new season will be similar to the previous one, with different regions.

“Firstly, we have monthly draws, quarterly draws and then annual draws. What is very interesting this year is that the total prize pool has reached 200 million naira and we have also added some very interesting giveaways. As part of this year’s 200 million naira prize pool, three SUVs will be given away,” Animashaun added.

Speaking at the launch held at Access Bank, New Court Road, Ibadan, the Regional Sales Manager, South West Region, Mr Bolaji Aboderin, said the new season would bring more benefits to customers as the bank takes their interests seriously.

“We are participating today in the 16th season of the Diamond Extra Raffle, a scheme undertaken by the bank to give back to its loyal customers. It is a way of showing gratitude and a reward system to encourage a culture of savings.”

“We enlighten them on the value, nature and benefits of savings. Saving can be very lucrative. We try to instill that culture of savings. Some of our customers have bought into this and it is a mutual relationship, so we use this initiative to give back to the society. Our customers have shown great loyalty.”

Deputy Managing Director, Chioma Okoli, said Access Bank remains committed to rewarding its customers’ patronage, adding that Diamond Extra is the best banking product in the country at present.

She said: “We want all Nigerians to be able to move on to the Diamond Extra initiative and benefit from the product. The only way for companies to remain profitable is to create value. So, as long as we continue to do this, our customer base will grow and this initiative will have no impact on our revenue.”

Local lottery

One of the new additions to the savings scheme was an on-site promotion where customers of the banks who participated in the launch could win NGN 20,000, NGN 50,000, NGN 100,000 and a top prize of NGN 200,000.

At the launch in Alaba, 48 customers who have DiamondXtra accounts and were in attendance at the launch won cash prizes ranging from N20,000 to N200,000.

The breakdown shows that 40 customers won 20,000 naira each, five customers won 50,000 naira, two customers won 100,000 naira and one customer went home with 200,000 naira.

Among the winners of the 20,000 naira prize was Victor Edbolu, who opened a Diamond Extra account 24 hours before the draw.

Maureen Nneka Oforuka, one of the two recipients of the 100,000 Naira award, said she was surprised to receive the award at an event that attracted so many people as it was her first time receiving the award.

She said: “I have never won a prize in my life, this is the first time. I came here reluctantly but thank God, I am here and have the 100,000 naira prize money which has already been deposited in my account.”

The grand prize winner of 200,000 Naira, Mr Emeka Ejikeugo, a trader from Alaba, said: “This award was unexpected and I am forever grateful to Access Bank. I thank the bank for its leadership among its peers.”

At the presentation in Ibadan, the grand prize winner of 200,000 Naira, Mr. Nurudeen Bayo Razak, expressed his joy at winning the prize and expressed his appreciation for Access Bank’s efforts towards giving back to its customers.

He said: “May Access Bank bless you on this initiative. I am very happy today. I will encourage my colleagues and friends to open an Access account.”

One of the winners, Ajay Fadeke, thanked Access Bank for the prize and said, “I never expected anything like this. To receive cash at this timing is truly amazing.”

way to participate

The promotion aims to reward loyal customers who opt for digital channels and offers them the opportunity to win cash prizes when they make daily transactions using the Access Bank USSD code *901*5# or the Accessmore app.

Existing customers must increase their DiamondXtra account balance by a minimum of N5,000 every month to benefit from the promotion. Meanwhile, new customers are required to open a DiamondXtra account with a minimum of N5,000 and start increasing their balance.

For every N5,000 in their DiamondXtra account, customers will be given a ticket for the draw, meaning the higher the multiple of N5,000, the higher the chances of winning.

Meanwhile, new customers are expected to open a DiamondXtra account with a minimum of N5,000 and start increasing their balance.

For every N5,000 in your DiamondXtra account, a customer will be given a ticket for the draw, so the higher the multiple of N5,000, the better your chances of winning.