CWG boosts cashless policy with Diamond Y’ello Account

From Ayodele Samuel, Lagos

In furtherance of the Cashless Initiative of the Central Bank of Nigeria (CBN), Computer Warehouse Group Plc has extended the MTN XaaS platform to power the Diamond Y’ello Account in collaboration with Diamond Bank and MTN Nigeria.

MTN XaaS runs on indigenous software from Computer Warehouse Group Plc designed to provide efficient cloud based banking services. Diamond Y’ello Account is a mobile banking product built on MTN Xaasplatform to enable MTN subscribers, including the unbanked and

under-banked populace in Nigeria enjoy the banking services from Diamond Bank. The Diamond Y’ello Account allows automatic account opening just at the dial of *710# by all MTN subscribers, presently put at 58.4 million.

During the launch, Managing Director and Chief Executive Officer of Diamond Bank, Dr. Alex Otti, said the move was aimed at deepening the cash-less initiative, considering that only about 40 million out of the estimated over 150 million Nigerians have been banked.

He noted that the development would afford millions of Nigerians who have mobile phones but are alienated from banking activities due to procedures to seamlessly key into the formal banking system.

The Chief Technology Officer of Computer Warehouse Group Plc, Mr. James Agada, while noting that Diamond Y’ello Account is riding on indigenous technology provided by the Computer Warehouse Group Plc also stated that ” this technology and many others in the pipeline which include our SMERP platform, our PosApp solution and our teleport services all form part of the CWG 2.0 initiative where CWG is working with several partners to deploy solutions and services to the wider MSME and consumer markets. The teleport services have been announced with SES and will democratize digital broadcasting in Nigeria. Partners like MTN and Diamond bank are making these initiatives real.

We expect CWG 2.0 to be a transformative program for not just CWG Plc but also the entire Nigerian economy” Also speaking at the launch, The Managing Director and Chief Executive

Officer of MTN Nigeria, Mr. Michael Ikpoki, said the telecommunications outfit was ready to absorb the anticipated surge into her digital solutions, allaying fears of disruptions.

It will be recalled that during the MTNXaas launch in 2012, the Founder and Chief Executive Officer of CWG Plc, Mr. Austin Okere noted that MTNXaaS is just one of the Technology platforms that CWG will develop for business operation enhancement. “This is the beginning of so many innovations we are going to unveil; we are going to look at Hospitals, Hotels, Insurance and all those who are locked out of being able to provide competitive services due to IT deficiency and develop suitable technology that will enhance their business growth. CWG and MTN will break the barrier.”