Diamond bank cheque will not be valid for transaction from March 1

Access bank plc has directed that all Diamond Bank cheque will no longer be valid for transact at the end of this month. Bank across the country have given notice to customers that as from 27th of Febuary, Diamond bank cheque will not be accepted for clearing at the inter bank market. One of such notice said “This is to inform you that Access Bank Plc has directed that effective March 1, 2020, Diamond Bank cheques will no longer be valid for clearing.

Consequently, from February 27, 2020, Diamond Bank cheques will not be accepted at any of our branches. The takeover will reduce the number of players in banking in Nigeria, where the top five banks control more than 60 percent of assets.  It will be recalled that Access Bank acquired Diamond Bank on the approval of its shareholders. “Following receipt of … regulatory approvals, the takeover of Diamond Bank proceeded as planned. Access agreed to the takeover after Diamond Bank had struggled since 2016 to bolster its capital following loan losses which had forced the bank to sell its foreign subsidiaries. U.S. private equity firm Carlyle is one of the main shareholders in Diamond Bank, which has a strong focus on banking for retail customers and small businesses.