Diamond Bank Plc has announced its plans to issue MasterCard debit cards to millions of Diamond Y’ello account holders in a move that is expected to significantly expand financial inclusion and reduce cash-based transactions in Nigeria’s economy.
The scheme, according to a statement made available to the press at the 25th World Economic Forum on Africa in Cape Town, South Africa, is targeted at ensuring that interested Diamond Y’ello account holders are issued with debit cards that will give them unhindered access to the Bank’s services and their funds at automated teller machines across the country.
Shedding more light on the rationale for the scheme, Diamond Bank’s Chief Executive Officer, Uzoma Dozie, stated that the launch of the Diamond Y’ello debit card is timely and aligns with the cashless policy of the Central Bank of Nigeria (CBN). According to him, millions of Diamond Y’ello account holders of the bank will have access to the Bank’s services while still enjoying the financial transaction freedom that are now available to the Bank’s numerous customers.
"With the introduction of this card, Diamond Bank has raised the bar for cashless banking in Nigeria’s financial services sub-sector. As you know, the card automatically grants account holders unlimited access to their funds and other financial transactions and also provide customers with additional interaction channels besides the agent locations. I think it is the biggest thing that has happened in the industry after the launch of the Fingerprint authentication feature on our Mobile app.”
Speaking further, Mr. Dozie stated that a core component of Diamond Bank’s strategic focus is to ensure the enhancement of the freedom of the financial lifestyle of the unbanked and under-banked by providing convenient banking services and multiple payment channels via the web and the POS, pointing that the Diamond Y’ello debit card will act as a physical link to this unique type of “account you open without documentations and other rigours associated with traditional accounts”.
It would be recalled that in 2014, Diamond Bank launched the Diamond Y’ello account into the Nigerian market as part of its financial inclusion programme to reach the unbanked.
Diamond Y’ello account, which was introduced in partnership with the mobile telecommunications giant, MTN, is a fully mobile hybrid account that offers the over 55 million subscribers on MTN Nigeria network a fusion of financial services and telecoms incentives.
Every MTN subscriber has access to a Diamond Y’ello account. Benefits include easy access to
Diamond Y’ello account holders’ community, full banking services with interest payments on account balances and access to loans via application from the subscriber’s mobile device on demand.
The Diamond Y’ello Account is activated by dialing *710# on any MTN line. According to the Bank, there are over 3 million Diamond Y’ello accounts owners who are serviced by over 500,000 agents in Nigeria.
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