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Diamond Bank Launches Diamond Y’ello Debit Card

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Diamond Bank, leading retail Bank, using new technology and digital applications to drive financial inclusion and innovative customer experience has announced its plans to issue MasterCard debit cards to millions of Diamond Y’ello account holders in a move that is expected to significantly expand financial inclusion and reduce cash-based transactions in Nigeria’s economy.

The scheme, according to a statement made available to the press at the 25th World Economic Forum on Africa in Cape Town, South Africa, is targeted at ensuring that interested Diamond Y’ello account holders are issued with debit cards that will give them unhindered access to the Bank’s services and their funds at automated teller machines across the country.

Shedding more light on the rationale for the scheme, Uzoma Dozie, Diamond Bank’s chief executive officer stated that the launch of the Diamond Y’ello debit card is timely and aligns with the cashless policy of the Central Bank of Nigeria (CBN). According to him, millions of Diamond Y’ello account holders of the bank will have access to the Bank’s services while still enjoying the financial transaction freedom that are now available to the Bank’s numerous customers.

‘’With the introduction of this card, Diamond Bank has raised the bar for cashless banking in Nigeria’s financial services sub-sector. As you know, the card automatically grants account holders unlimited access to their funds and other financial transactions and also provide customers with additional interaction channels besides the agent locations. I think it is the biggest thing that has happened in the industry after the launch of the Fingerprint authentication feature on our Mobile app.”

Speaking further, Mr. Dozie stated that a core component of Diamond Bank’s strategic focus is to ensure the enhancement of the freedom of the financial lifestyle of the unbanked and under-banked by providing convenient banking services and multiple payment channels via the web and the POS, pointing that the Diamond Y’ello debit card will act as a physical link to this unique type of “account you open without documentations and other rigours associated with traditional accounts”.

It would be recalled that in 2014, Diamond Bank launched the Diamond Y’ello account into the Nigerian market as part of its financial inclusion programme to reach the unbanked.

Diamond Y’ello account, which was introduced in partnership with the mobile telecommunications giant, MTN, is a fully mobile hybrid account that offers the over 55 million subscribers on MTN Nigeria network a fusion of financial services and telecoms incentives.

Every MTN subscriber has access to a Diamond Y’ello account. Benefits include easy access to

Diamond Y’ello account holders’ community, full banking services with interest payments on account balances and access to loans via application from the subscriber’s mobile device on demand.

The Diamond Y’ello Account is activated by dialing *710# on any MTN line. According to the Bank, there are over 3 million Diamond Y’ello accounts owners who are serviced by over 500,000 agents in Nigeria.

 

 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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