Enhancing Financial Innovation & Access (EFInA) has awarded $1.5 million estimated to be N421.5 million in naira from its Innovation Grant to support Diamond Bank’s Diamond Y’ello Account (DYA), a mobile banking platform, which was built on MTN Xaas platform.
The DYA was built on a platform powered by CWG Plc. It was designed to enable MTN subscribers, which include the largely unbanked and under-banked populace in Nigeria, enjoy banking services from Diamond Bank, using their mobile phones within the convenience of their varying locations. It provides easy access to a broad range of financial products tailored to meet consumers’ needs, at an affordable cost. These include bills payment, savings, retail collections, microcredit and insurance transactions
On the development, Mr James Agada, Chief Executive Officer, CWG Plc observed that the DYA has demonstrated significant prospects, hence no surprise on the investment by EFInA.
According to him, within a period of a little over 12 months, the Diamond Yello Account has enabled over 6 million subscriber’s access banking services with ease. The EFInA grant shows that these giant strides are being recognised and this will challenge us at CWG to do more in deploying technology solutions that enable growth.
The Innovation Grant, as released by EFInA to support the DYA; ‘Winning the North’ project, is intended to enhance financial inclusion to the unbanked in the Northeast and Northwest geopolitical zones, who have more financially excluded citizens than other parts of the nation, as referenced in the EFInA Access Financial services in Nigeria 2014 survey. Furthermore, it is anticipated that this project will aid in tilting the variances in the financial sector; enabling the operators an opportunity to upgrade the features of the DYA in order to allow customers do more and cover a broader geographical base.
It should be noted that CWG has worked in partnerships with other banks in the past, deploying innovative technology based products that enable customers’ access financial and other value added services through their mobile phones.
CWG has also deployed the Finacle Banking Application to 60 per cent of the financial institutions, enhancing their operations and currently deploys about a third of the aggregate ATMs presently in the country.