Diamond Bank partners MTN to launch phone banking service

Diamond Bank Plc and MTN Nigeria have signed a Memorandum of Understanding (MOU) on the launch of a hybrid bank account that can be opened via mobile phones.

The 'Diamond Y'ello Account,' offers a combination of financial, telecoms, loyalty and lifestyle benefits.

The service allows customers to open a Diamond Bank account conveniently from their MTN lines, while offering interest earning benefits as well as access to micro credit.

In addition, customers will enjoy friendly call rates and earn loyalty points as they carry out transactions, MTN stated.

The Group Managing Director/Chief Executive Officer, Diamond Bank, Dr. Alex Otti, said that 'One of the major benefits of the Diamond Y'ello Account is that as soon as customers open the account from their mobile phones, transactions are done with ease and convenience via their mobile phones.

'With nearly 100 per cent mobile phone penetration in Nigeria, many more un-banked and under banked Nigerians, regardless of their location, can now enjoy access to banking with this novel service.'

Also, the Chief Executive Officer of MTN, Mr. Michael Ikpoki, as saying, 'We are absolutely delighted once again to be offering our existing and potential subscribers a new and innovative product that will most definitely change their life styles and the way they manage their finances.

'We are really excited about Diamond Y'ello Account and we plan to make use of our existing network and infrastructure all over the country to ensure that we reach as many people as possible, especially those who do not have access to banking services.'