Diamond Bank integrates PayDay, Aces Bank’s fast lending function
The merger between Diamond Bank and Access Bank appears to be going at full speed, as Diamond Bank recently announced the integration of PayDay Loan, a feature of Access Bank, on its platform.
One of the many advantages of our merger with @myaccessbank come to you💃🏽
Now you can get a quick loan on a rainy day! No guarantees, no paperwork required!
Simply dial * 901 * 11 # to access Instant Payday Loan! 😁# Payday loan #Ready fast #TogetherForYou pic.twitter.com/5qZrbSdJXu– Diamond Bank (@DiamondBankNG) February 28, 2019
PayDay Loan is a quick loan program for Access Bank salary account holders. The functionality is a direct rival to services such as a branch and Paylater, but was exclusive to Access Bank customers. But thanks to the merger with Diamond Bank, the service will now be available to Diamond customers.
The combination of Access Bank and Diamond Bank will result in real benefits and that is why we have introduced the Payday Loan Program to Diamond Bank Customers. Together, we will bring the power of banking to millions of people across Nigeria, focusing on speed, service and security.
This is the first news regarding an integration of services between the two banks since the announcement of the merger in December 2018. The integration of the two banks is about to create a new mega bank in Nigeria to compete with the four major current banks: UBA, Zenith bank, GTB and First Bank.
By April 2019, the @myaccessbank X @DiamondBankNG the marriage will be complete. You enjoy top notch African banking services like endless honeymoon. Everyone is invited to this. Hashtag #TogetherForYou pic.twitter.com/YvauU9voj1
– NOT A WORD. Omojuwa (@Omojuwa) February 27, 2019
Customers and industry watchers have been following the deal to understand which services will be shut down and which will continue.
So far, we’ve identified three tech initiatives that risk shutting down when the merger becomes a reality. Diamond Bank’s TechFest and its Tech Turk are two of the biggest tech-focused programs that could be phased out.
Another notable feature that could be on the verge of extinction is Diamond Bank’s AI-powered chatbot, Ada. Ada was created to provide user support in financial services. It also helps them complete transactions like bill payments and even stock market transactions through Facebook. So far, only three banks offer such services in Nigeria. Ada should be a staple.
But so far, there has been no confirmation of what will work and what will be integrated.
However, the integration of the PayDay functionality shows that both parties clearly integrate what the other is lacking. Over the next few weeks, we should gain a better understanding of how the two banks will be structured and what technology initiatives and features will thrive.