Enhancing Financial Innovation & Access, EFInA, has said it has released $1, 500, 000 (421, 500, 00) Innovation Grant to support Diamond Bank’s Diamond Y’ello, ‘Winning the North’ project to boost financial inclusion to unbanked individuals nationwide.
Diamond Y’ello is a mobile based savings account launched by Diamond Bank in partnership with MTN to make financial services easily accessible for individuals excluded from the formal banking ecosystem and the project allows customers with active MTN lines to open a bank account with Diamond Bank from the convenience of their homes.
It is expected to introduce additional channels of customer interactions including an interactive voice responder (IVR), bill payments platform, card-less ATMs, micro loans and insurance.
The EFInA Innovation Grant will enable Diamond Bank target and extend facilities to prospective customers in Northern Nigeria –Federal Capital Territory (FCT), Kano, Kaduna, Katsina, Kogi, Kwara and BornoStates.
Chief Executive Officer of EFInA, Mrs. Chidinma Lawanson, said that the Diamond Y’ello Account project seeks to drive financial inclusion by addressing the barrier of proximity to financial services through digital financial services and agent banking, while also serving as an effective means of deepening financial literacy nationally.
She said:“This aligns with EFInA’s objectives to increase access to financial products and services to the low income population, especially women. According to the EFInA Access to Financial Services in Nigeria 2014 survey, the North East and North West geopolitical zones have more financially excluded people than the other geopolitical zones.”
“In that regard, we look forward to our partnership with Diamond Bank to extend financial services in Northern Nigeria. The EFInA Access to Financial Services in Nigeria 2014 survey revealed that 57.1 million adults have never had a deposit money bank account, 16.3 percent indicated that they did not operate an account because commercial banks were far away from them.”
Also, Chief Executive Officer, Diamond Bank Plc, Mr. Uzoma Dozie, said that the Diamond Y’ello is structured to make affordable financial services available to everyone regardless of their level of income.
