CWG platform empowering financial access, transaction  across channels

Enhancing Financial Innovation & Access (EFInA) has announced the release of $1, 500, 000 (N421, 500, 00) from her Innovation Grant to support the Diamond Y’ello Account (DYA), a mobile banking platform which was built on a CWG plc powered MTN XaaS platform.

The DYA was designed to enable MTN subscribers; which include the largely unbanked and under-banked populace in Nigeria, enjoy banking services from Diamond Bank using their mobile phones within the convenience of their varying locations. It provides easy access to a broad range of financial products tailored to meet consumers’ needs, at an affordable cost. These include bills payment, savings, retail collections, microcredit and insurance transactions

Speaking on the development,  James Agada, the chief executive officer, CWG Plc observed that the DYA has demonstrated significant prospects, hence no surprise on the investment by EFInA. According to him, “within a period of a little over 12 months, the Diamond Yello Account has enabled over 6 million subscriber’s access banking services with ease. The EFInA grant shows that these giant strides are being recognized and this will challenge us at CWG to do more in deploying technology solutions that enable growth’’.

The Innovation Grant, as released by EFInA to support the DYA; ‘Winning the North’ project, is intended to enhance financial inclusion to the unbanked in the North East and North West geopolitical zones, who have more financially excluded citizens than other parts of the Nation, as referenced in the EFInA Access Financial services in Nigeria 2014 survey. Furthermore, it is anticipated that  this project will aid tilt the variances in the Financial sector; enabling the operators an opportunity to upgrade the features of the DYA in order to allow customers do more and cover a broader geographical base.

On her part, the chief executive officer of EFInA, Chidinma Lawanson, said

that “The EFInA Access to Financial Services in Nigeria 2014 survey revealed that 57.1 million adults have never had a deposit money bank account, 16.3 percent indicated that they did not operate an account because commercial banks were far away from them. The study also found out that 42.7 percent of women are financially excluded as compared to 35.8 percent of the men. We believe this project will go a long way to correct these anomalies, she said.” Driving financial inclusion by addressing the barrier of proximity to financial services through digital financial services and agent banking, while also serving as an effective means of deepening financial literacy nationally.

Similarly, chief executive officer, Diamond Bank Plc, Uzoma Dozie observed that “the Innovation Grant, EFInA aims to promote financial inclusion through market development by enabling provision of appropriate financial products and services at an affordable price to those who are currently financially excluded’’.

This development buttresses more the fact that CWG Plc’s mission to enable growth through technology in varying sectors of the economy, has just marked a great score in the strive towards ensuring financial inclusion across the country, whilst enabling financial institutions attain their corporate goals and objectives.

Recall, that CWG has worked in partnerships with other banks in the past, deploying innovative technology based products that enable customers’ access financial and other value added services through their mobile phones. CWG Plc has also deployed the Finacle Banking Application to 60% of the Financial Institutions, enhancing their operations and currently deploys about a third of the aggregate ATMs presently in the country. Upon which it has just launch its new innovation called ‘ATM As A Service’ to further support the cause.
Sent from my BlackBerry wireless device from MTN