Diamond Bank and MTN Nigeria have come together in order to launch a mobile money service. The service has been jointly developed for the advancement the Central Bank of Nigeria’s (CBN’s) cash-less initiative. The Diamond Y’ello Account is automatically opened by dialling star 710 hash.
According to the Guardian, the bank is targeting the youth and mass market segments of the MTN subscriber base, as well as unbanked and under-banked subscribers.
According to the Bank, the product has been described as a mobile hybrid account, which offers both financial and telecommunications services and incentives. The service can be used to transfer money to and from accounts as well as to transfer funds to other banks. Additionally, users can withdraw cash, check their balance and access loans through the service.
The Diamond Y’ello Account will also allow account holders to pay utility and cable TV bills, school fees, donations, insurance and ticketing, as well as interest on account balances.