Diamond Bank always tries to work towards the freedom of the financial lifestyle of the unbanked and under-banked by providing convenient banking services for them. Participation in the banking system protects them from theft and reduces their vulnerability to discriminatory or predatory lending practices.
There are different subgroups among unbanked and under- banked households. They have different characteristics and varying levels of demand for banking services. We try understanding these differences to develop products and strategies that more effectively engage their interests.
The product Diamond Y’ello Account is automatically opened at the dial of *710# by all MTN subscribers. The subscriber gets a full NUBAN account number delivered by SMS to his mobile phone within minutes.
The Diamond Y’ello Account requires no documentation or papers to open a saving account but just a few taps on your phone. The users are provided with easy access to services through network of agents. They can receive or send money to any bank account holder in Nigeria and also to non-account holder. It also provides them the convenience of applying and receiving loans from their MTN Mobile phones.
And now, extending these services we have launched Y’ello Master Card Debit Card. In this scheme we will issue a Y’ello Master Card Debit Card to millions of Diamond Y’ello Account holders. Once you have Y’ello Debit card you can avail unhindered access to the bank services and your funds at automated teller machines across country.
With this, the customer can enjoy the financial transactions provided by Diamond Bank and will receive interest on account balances. Apart from this, these users have the benefit of additional interaction channels besides the bank locations.
I believe development happens when all groups of society move together. This is just a step towards expanding economic inclusion in the financial mainstream. It will provide banking services to the vast section of disadvantaged and low income group.
Our research showed us that traditional financial inclusion programs failed to make a lasting impact on beneficiaries because they usually focused only on financial literacy before accountability. They were tedious and difficult for them to understand or follow.
Y’ello Debit Card reduces cash based transactions which aligns with the cashless policy of Central Bank of Nigeria.
Diamond Bank believes in providing best resources to our customers in every possible way. We are always re-working our products, services, and outreach strategies to serve unbanked and underbanked households.