Diamond bank has launched a new product called ‘branchless banking’ to cater for the financial services of the under- banked in the informal sector. The service is enabled on BankOne platform, a mobile banking application which allows an instant account opening and registration.
The BankOne application which is designed and developed by AppZone, a software development firm is the leading core-banking and electronic payments platform for microfinance and primary mortgage banks.
In a statement by the bank, the company says that with integration of the branchless banking on the BankOne platform, the bank will easily acquire and migrate all mass market accounts and ensure customers get ‘quality service’.The London-listed Nigerian bank also added that the product will be deployed alongside the Bank’s core banking platform to ensure an up-to-date record of customers.
The new product which the bank described as a “robust central accounting and reporting system” will take off in Lagos as the pilot phase .
“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 push 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” Diamond bank says.
The banking product according to the bank 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.
It also said that value added services including Mobile Banking, Inter-Bank transfers, and bills payments are also available to customers.
To facilitate this, the bank noted that 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.
