Firms target empowerment of women with new products
As part of efforts to empower women in small business, Diamond Bank Plc, MTN and a global non-profit organisation- the Women’s World Banking (WWB), have enlisted the Diamond Y’ello Account as a tool to deepening the financial inclusion for women in Nigeria.
Speaking at the unveiling, the Chief Executive Officer Diamond Bank, Uzoma Dozie, said part of the bank’s passion about the financial wellbeing of women is the strategic focus of this project, which would enhance the financial lifestyle of women by providing convenient mobile banking services.
“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,” Dozie said. Research by Women’s World Banking had shown that women are inherent savers, managing to save an average of 10 to 15 per cent of their earnings despite low and often unpredictable incomes.
The Chief Executive Officer of Women’s World Banking, Mary Ellen Iskenderian, said: “The Diamond Y’ello, is a convenient digital banking product that offers a solution to the myriad challenges confronting low-income women who find it difficult accessing a safe place to save due to mobility and time constraints.
“We are thrilled to continue our valued partnership with Diamond Bank to use technology to bring vital financial services closer to Nigerian women. This support from the Bill & Melinda Gates Foundation gives us the opportunity to work with Diamond Bank and MTN to build on their innovative product and ensure that Diamond Y’ello helps women throughout Nigeria achieve their savings goals and build a brighter future,” She said.
Iskenderian also noted that the collaboration would enable the Women’s World Banking to conduct in-depth research to better understand the barriers that Nigerian women face when accessing financial services, adding that they will work with Diamond Bank and MTN to develop strategies to break down these barriers, including educational marketing approaches, training programs for banking agents, mobile tools and other product features. The lessons will be used as a model to foster the expansion of women’s access to and usage of digital financial services around the world.
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