The Managing Director, Diamond Bank Plc, Uzoma Dozie, says over nine million MTN subscribers have opened Diamond Y’ello accounts since the inception of the scheme.
Speaking to pressmen over the weekend in Lagos, Dozie explained that the scheme was introduced for people who were not familiar with new technology, adding that the bank tapped into the nation’s mobile/smart phone culture as Nigeria is said to have 81 per cent mobile penetration.
“Our partnering with MTN made it easier to get over nine million accounts in two years and that is because we put the choice of opening an account into the customer’s hand by just dialing *710# on their mobile phones and with this code, subscribers can perform basic banking activities.
“There is a big difference with Mobile Money wallet and opening an account. Mobile Money is just like a wallet in which you take money from your wallet and send to someone in another area and that is financial exclusion but that is not what we wanted. Rather, we want Nigerians to open a full-fledged bank account wherever they may be,” he said.
According to him, “our business model is not just inclined to when you keep or borrow money but creating platforms for people to have access to financial flows.”
Dozie thereafter revealed that as part of the bank’s philosophy in connecting people and connecting markets, the bank is set to hold Tech Fest in April 2018 to bring together the best talents in Nigerian technology.
“Initially, Tech Fest was meant to hold last month but we could not make it happen because we needed more time with our partners, so we are promising that it will hold in April,” he said.