With stakeholders giving approval and the Federal High Court sanctioning the merger between Access Bank and Diamond Bank, the financial matrimony between both institutions was consummated in March 2019, creating in the process Africa’s largest bank, with an estimated subscriber base of 27 million customers.
In the buildup to the merger Access Bank announced some cost saving benefits to customers of both banks such as: access to more owned ATMs, which in turn would eliminate bank charges for its customers on both sides.
Unfortunately, not all customers have been enjoying this promise, as some customers of the defunct Diamond Bank are still billed 65 Naira for using Access Bank ATMs.
Also, it remains confusing to the public why Diamond Bank remains listed on electronic banking platforms, despite being defunct since the merger. Also, transfers to former Diamond Bank customers are still being routed through the Diamond Bank interface.
Given the huge number of customers involved and the time that has passed since the completion of the merger, the banking public’s expectation is to experience a seamless integration and instantly start benefiting from the new arrangement.
It is expected that the CBN will ensure the removal of ATM charges on former Diamond Bank customers, and that Diamond Bank will be removed from the list of banks on electronic banking platforms.
Some of the affected customers have also called on Access Bank to refund all deductions made from former Diamond Bank customers since its merger completion, in keeping to its promise of free ATM withdrawals for all its customers.
