LAGOS–Diamond Financial institution, in collaboration with ICT firm, MTN and international nonprofit; Girls’s World Banking, is unveiling the following part of the Diamond Y’ello account by an modern partnership geared toward deepening the monetary inclusion of girls in Nigeria.
With help from the Invoice & Melinda Gates Basis, this partnership seeks to construct understanding of what it takes to make digital monetary companies work for low-income ladies. The Diamond Y’ello account might be developed as a worldwide mannequin for increasing ladies’s entry to and utilization of digital monetary companies by simplified steps in account opening and banking transactions, utilizing cell phones.
Diamond Financial institution’s CEO, Uzoma Dozie, acknowledged that the Financial institution may be very passionate concerning the monetary wellbeing of girls, noting that the strategic focus of this undertaking is to reinforce the monetary life-style of girls by offering handy cell banking companies.
“Diamond Y’ello is an account you open with out the documentation and different rigors related to conventional accounts. We’re conscious that the way forward for monetary inclusion is digital, and we goal to make use of this product to carry banking to everybody irrespective of your revenue, the place you reside or the kind of cell handset you’re utilizing,” Dozie stated.
Diamond Y’ello, first launched in Nigeria in 2014, is a mobile-based checking account opened immediately by the shopper’s cell phone in just a few easy steps and is on the market to MTN’s over 63 million subscribers and potential subscribers. Trade insiders hail Diamond Y’ello account as a singular monetary product that helps not solely to optimize using cell phones in finishing up full banking companies, but in addition serves as an efficient technique of spreading monetary literacy in city, semi city and distant areas.
Analysis by Girls’s World Banking has proven that ladies are inherent savers, managing to save lots of a mean of 10 to fifteen % of their earnings regardless of low and sometimes unpredictable incomes. In response to Mary Ellen Iskenderian, President and CEO of Girls’s World Banking, Diamond Y’ello, is a handy digital banking product that gives an answer to the myriad challenges confronting low-income ladies who discover it tough accessing a secure place to save lots of attributable to mobility and time constraints.
“We’re thrilled to proceed our valued partnership with Diamond Financial institution to make use of know-how to carry very important monetary companies nearer to Nigerian ladies. This help from the Invoice & Melinda Gates Basis offers us the chance to work with Diamond Financial institution and MTN to construct on their modern product and be sure that Diamond Y’ello helps ladies all through Nigeria obtain their financial savings targets and construct a brighter future,” stated Iskenderian.
Iskenderian additionally famous that the collaboration will allow Girls’s World Banking to conduct in-depth analysis to higher perceive the limitations that Nigerian ladies face when accessing monetary companies, including that they are going to work with Diamond Financial institution and MTN to develop methods to interrupt down these limitations, together with academic advertising and marketing approaches, coaching packages for banking brokers, cell instruments and different product options. The teachings might be used as a mannequin to foster the enlargement of girls’s entry to and utilization of digital monetary companies around the globe.
In response to Ferdi Moolman, MTN Nigeria’s CEO, ICT is universally acknowledged as a major enabler of socio-economic progress and MTN is honored to play a component in quite a few methods, considered one of which is that this partnership. A key strategic goal of the partnership just isn’t solely to stimulate and increase ladies’s entry and utilization of formal banking but in addition to assist cut back the biting impact of poverty utilizing know-how.
“Expertise is a software that ought to make life simpler for folks, particularly low-income ladies who face many challenges with accessing formal banking companies. Our partnership aligns with MTN’s overarching technique to contribute to constructing a extra vibrant financial system, powered by know-how. That is what underpins our enterprise operations at MTN – enriching lives consistent with our model essence and performing as a catalyst for Nigeria’s socio-economic progress and improvement,” stated Moolman.
Solely MTN subscribers have entry to a Diamond Y’ello account, which is activated by dialing *710# on any MTN line. Presently, over 6.2 million Diamond Y’ello account holders are serviced by over 26,000 brokers. Advantages embody quick access to the Diamond Y’ello account holders’ neighborhood, full banking companies with curiosity on account balances and entry to funds switch, invoice fee and airtime buy through utility from the subscriber’s cell machine on demand.
For extra info, contact:
Ayona Trimnell, Diamond Financial institution Plc, +23414489878, aaguele-trimnell@diamondbank.com
Query Kind, MTN, +234 8032004168, funsoa@mtnnigeria.internet
Maura Hart, Girls’s World Banking, +1 212 556 3156 or meh@womensworldbanking.org
