Diamond Bank, partners with MTN to unveil Diamond Yello Account

Money Transfer

DIAMOND Bank Plc and MTN Nigeria have launched a mobile money product, which they jointly developed, for the advancement of the cash-less initiative of the Central Bank of Nigeria (CBN).

The product, dubbed Diamond Y’ello Account is automatically opened at the dial of *710# by all MTN subscribers, currently put at 58.4 million.

According to the bank, the youth and mass market segments of the MTN subscriber-base, as well as the unbanked and under-banked subscribers, are especially invited to take advantage of the favourable account opening requirements and convenience features of the service.

But a further investigation on the ease of the account opening showed the bank may have been leveraging on the SIM registration details of the MTN subscribers to easily facilitate the account opening.

The Managing Director and Chief Executive Officer of Diamond Bank, Dr. Alex Otti, said the move was aimed at deepening the cash-less initiative, which showed that only about 40 million out of the estimated over 150 million Nigerians have been banked.

He noted that the development would afford millions of Nigerians who have mobile phones but are alienated from banking activities due to procedures to seamlessly key into the formal banking system.

But the Managing Director and Chief Executive Officer of MTN Nigeria, Michael Ikpoki, said the telecommunications out fit was ready to absolve the anticipated surge into its digital solution, allaying fears of disruptions.

The product, which is described as a fully mobile hybrid account, offers a fusion of financial Services and telecommunications incentives, enabling a transfer of money from it to other types of accounts, within the bank and other banks.

The product was also designed to enable checking of balance, cash withdrawal from agent network, Automated Teller Machines, and over the counter, while it can also facilitate access to loans.

The Diamond Yello Account will also enable account holders to make payments to various merchants for utilities consumed and services rendered- utility bills, cable TV, school fees, donations, insurance and ticketing, together with interest payments on account balances.