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Financial Inclusion: Efina Grants $1.5m To Diamond Bank by Nobody: 12:32am On Jul 07, 2016
Financial inclusion: EFInA grants $1.5m to
Diamond Bank
Enhancing Financial Innovation & Access
(EFInA), has announced the release of $1,
500, 000 (421, 500, 00) Innovation Grant to
support Diamond Bank’s Diamond Y’ello,
‘Winning the North’ project to boost
financial inclusion to unbanked individuals
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.
It is expected to introduce additional
channels of customer interactions including
an interactive voice responder (IVR), bill
payments platform, card-less ATMs, micro
loans and insurance.
The EFInA Innovation 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
Chief Executive Officer of EFInA, Mrs.
Chidinma Lawanson, said that 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.
Lawanson said, “This aligns with EFInA’s
objectives to increase access to financial
products and services to the low income
population, especially women.
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.
The study also found out that 42.7 percent
of women are financially excluded as
compared to 35.8 percent of the men. We
believe this project will go a long way to
correct these anomalies, she said.”
Also, Chief Executive Officer, Diamond Bank
Plc, Mr. Uzoma Dozie, said that the
Diamond Y’ello is structured to make
affordable financial services available to
everyone regardless of their level of income.
Dozie explained that the account is opened
without the documentation and other rigors
associated with traditional accounts, stating,
“We are aware that the future of financial
inclusion is digital and we aim to use this
product to bring banking to everyone no
matter your income, where you live or the
type of mobile handset you are using.
“Diamond Bank expects that the Diamond
Y’ello will provide easy access to a broad
range of financial products to the un
(der)bankedpopulation, designed according
to their needs, at an affordable cost. With
Diamond Y’ello accounts, customers are
able to make all types of payments, save
and make retail collection, microcredit and
insurance transactions.
“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,” he said.
Meanwhile, Diamond Bank, in partnership
with MTN will have agents within each
community to conduct deposits and
withdrawals on the Diamond Bank account.


Cc lalasticlala Dominique
Re: Financial Inclusion: Efina Grants $1.5m To Diamond Bank by iykekelvins(m): 1:02am On Jul 07, 2016
Re: Financial Inclusion: Efina Grants $1.5m To Diamond Bank by DWJOBScom(m): 2:40am On Jul 07, 2016
Re: Financial Inclusion: Efina Grants $1.5m To Diamond Bank by obiorathesubtle: 4:37am On Jul 07, 2016
EFCC coming for fresh blood.

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