Enhancing Financial Innovation & Access (EFInA) has shown its support for Damond Bank financial initiative, Diamond Y’ello, ‘Winning the North’ project with a grant of $1, 500, 000.
The grant will enable Diamond Bank target and extend facilities to prospective customers in Northern Nigeria -Federal Capital Territory (FCT), Kano, Kaduna, Katsina, Kogi, Kwara and Borno States.
Diamond Y’ello is a mobile based savings account launched by Diamond Bank in partnership with MTN to make financial services easily accessible for individuals excluded from the formal banking ecosystem and the project allows customers with active MTN lines to open a bank account with Diamond Bank from the convenience of their homes.
According to the Chief Executive Officer of EFInA, Mrs. Chidinma Lawanson, the Diamond Y’ello Account project seeks to drive financial inclusion by addressing the barrier of proximity to financial services through digital financial services and agent banking, while also serving as an effective means of deepening financial literacy nationally.
According to the EFInA Access to Financial Services in Nigeria 2014 survey, the North East and North West geopolitical zones have more financially excluded people than the other geopolitical zones. In that regard, we look forward to our partnership with Diamond Bank to extend financial services in Northern Nigeria.
“The EFInA Access to Financial Services in Nigeria 2014 survey revealed that 57.1 million adults have never had a deposit money bank account, 16.3 percent indicated that they did not operate an account because commercial banks were far away from them.
“Through this Innovation Grant, EFInA aims to promote financial inclusion through market development by enabling provision of appropriate financial products and services at an affordable price to those who are currently financially excluded,” Chief Executive Officer, Diamond Bank Plc, Mr. Uzoma Dozie said.
