London-listed Nigerian banking behemoth Diamond Bank has intensified its focus on delivering financial services to the under-banked in the informal sector by launching its “branchless banking” service on BankOne, a mobile banking application which allows instant account opening and registration. The application is designed and developed by AppZone, a fast-growing technology company. The integration of the branchless banking on the BankOne platform, will allow Diamond Bank acquire and easily migrate all mass market accounts and ensure customers get quality service.
BankOne shall be deployed alongside Diamond Bank’s core banking platform to ensure an up-to-date record of customers using the new product plus a robust central accounting and reporting system. The pilot phase of this value-added service named ‘Beta Friends’ will involve the recruitment and deployment of agents to the streets of Lagos to promote the new product. These agents will be armed with mobile phones equipped with the BankOne mobile banking application which will enable them to open bank accounts on the field and also issue instant debit cards.
This unique banking product is tailored to provide target customers with “branchless” access to basic financial services via more than 10,000 ATMs nationwide as well as through numerous mobile Agents. A range of value added services including Mobile Banking, Inter-Bank transfers, and bills payments are also available to customers. To facilitate this, Appzone has integrated the Bankone system into Diamond Bank’s core banking platform to enable real-time visibility of transactions as they occur on customer accounts and integration into Interswitch’s system to facilitate ATM access.
The partnership between Diamond Bank and Appzone will lead to a significant surge in the number of accounts created for customers in the informal sector which in turn shall contribute to the Bank’s target of delivering quality financial services to customers in this sector of the economy. BankOne is the leading core-banking and electronic payments platform for microfinance and primary mortgage banks. BankOne’s parent company AppZone has partnerships with five commercial banks and two financial switches in Nigeria.