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LAGOS–Diamond Financial institution, in collaboration with ICT firm, MTN and world nonprofit; Ladies’s World Banking, is unveiling the following part of the Diamond Y’ello account via an progressive 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 shall be developed as a world mannequin for increasing ladies’s entry to and utilization of digital monetary companies via simplified steps in account opening and banking transactions, utilizing cellphones.
Diamond Financial institution’s CEO, Uzoma Dozie, acknowledged that the Financial institution may be very passionate in regards to the monetary wellbeing of girls, noting that the strategic focus of this challenge is to reinforce the monetary way of life 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 purpose 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 via the shopper’s cell phone in a couple of easy steps and is obtainable to MTN’s over 63 million subscribers and potential subscribers. Business insiders hail Diamond Y’ello account as a novel monetary product that helps not solely to optimize using cellphones in finishing up full banking companies, but additionally serves as an efficient technique of spreading monetary literacy in city, semi city and distant areas.
Analysis by Ladies’s World Banking has proven that ladies are inherent savers, managing to avoid wasting a mean of 10 to fifteen p.c of their earnings regardless of low and sometimes unpredictable incomes. In line with Mary Ellen Iskenderian, President and CEO of Ladies’s World Banking, Diamond Y’ello, is a handy digital banking product that provides an answer to the myriad challenges confronting low-income ladies who discover it troublesome accessing a protected place to avoid wasting as a result of mobility and time constraints.
“We’re thrilled to proceed our valued partnership with Diamond Financial institution to make use of expertise to carry 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 progressive product and make 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 Ladies’s World Banking to conduct in-depth analysis to higher perceive the obstacles 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 obstacles, together with instructional advertising approaches, coaching packages for banking brokers, cell instruments and different product options. The teachings shall be used as a mannequin to foster the enlargement of girls’s entry to and utilization of digital monetary companies all over the world.
In line with Ferdi Moolman, MTN Nigeria’s CEO, ICT is universally acknowledged as a big enabler of socio-economic development and MTN is honored to play an element in quite a few methods, one in all which is that this partnership. A key strategic goal of the partnership isn’t solely to stimulate and develop ladies’s entry and utilization of formal banking but additionally to assist scale back the biting impact of poverty utilizing expertise.
“Expertise is a instrument 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 economic system, powered by expertise. That is what underpins our enterprise operations at MTN – enriching lives in keeping with our model essence and performing as a catalyst for Nigeria’s socio-economic development and growth,” stated Moolman.
Solely MTN subscribers have entry to a Diamond Y’ello account, which is activated by dialing *710# on any MTN line. At the moment, over 6.2 million Diamond Y’ello account holders are serviced by over 26,000 brokers. Advantages embrace easy accessibility to the Diamond Y’ello account holders’ neighborhood, full banking companies with curiosity on account balances and entry to funds switch, invoice cost and airtime buy by way of software from the subscriber’s cell machine on demand.
For extra info, contact:
Ayona Trimnell, Diamond Financial institution Plc, +234 1 448 9878, aaguele-trimnell@diamondbank.com
Funso Aina, MTN, +234 8032004168, funsoa@mtnnigeria.web
Maura Hart, Ladies’s World Banking, +1 212 556 3156 or meh@womensworldbanking.org
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