Diamond Bank Introduces Initiatives to Drives Financial Inclusion
Nigerian multinational financial service provider, Diamond Bank Plc says it has introduced initiatives since its inception in 1990 to drive financial inclusion in the country.
The bank said in a statement that it would continue to develop retail banking and cater to the finances of ordinary people.
It stated, “Currently, we, by a wide margin, lead others in financial inclusion, thanks to our innovative efforts, growing the market share by offering 10 million previously unbanked individuals financial services. In recognition of our efforts, we were voted as the ‘Best Bank for Financial Inclusion’ in Nigeria last year.”
The lender said its campaigns for Nigerians living in remote parts of the country were targeted at financially excluded people.
It added that it partnered with a telecommunications giant, MTN, to roll out its hybrid savings account, Diamond Yello account, a service that combines both financial and telecommunications functions.
The statement read in part, “Diamond Bank was one of the first Nigerian banks to employ the use of the Unstructured Supplementary Service Data for its Yello account, allowing users to open Diamond Bank accounts and carry out financial transactions on their mobile phones without data or credit.
“Since its launch in 2014, before commercial banks were forced into retail banking, the Yello account has been able to register more than nine million bank accounts, consisting mostly of young people and women in northern Nigeria whom have never owned a bank account. Presently, Diamond Bank controls a large share of USSD transaction volume in Nigeria with 40 per cent.”
According to the statement, the bank’s service on emerging business installment loans gives SME owners, who are looking to expand their businesses, financing for up to three years to purchase fixed assets that would help them.
It said, “One of its most innovative products is its mobile app, which was also voted as the mobile banking app of the year by Nigerian foremost business newspaper, BusinessDay, in 2017, for the second time in a row. The bank’s mobile app has two million subscribed users, mostly Nigeria’s increasingly digitally savvy youth, helping them to access some of the bank’s services and giving them inclusiveness into the Nigerian banking system.
“While the Diamond mobile app harnesses digital technology in smartphones to bank Nigeria’s youths, the Diamond Yello account harnesses mobile phones and USSD to bank the less digital-literate in the informal sectors of the country.”
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