According to information available on the website of MTN Nigeria, “The Diamond Y’ello Account (DYA) offers our customers a safe and easy means of opening and operating a full bank account from the convenience of their MTN Mobile phone, without the hassles of tedious documentation requirements (all registered MTN customers are automatically eligible) or the difficulty of finding or getting to bank branches, as the product is easily accessible through our network of Agents”.
The MTN DYA as it is commonly called is meant to make banking transactions easier for millions of it users through the process of doing most of their financial transactions on their MTN phone.
With MTN DY Account, you can have a bank account within a space of five “5” minutes and you will be allocated a NUBAN account number.
HOW TO OPEN DIAMOND Y’ELLO ACCOUNT
Dial *710# on your MTN line and follow the prompt.
Input your name as requested and there after select a unique pin you will need to operate the account.
You will have to wait for like twenty “20” minutes for the bank to process your application and generate your account number.
When that is done, you can now use your account to do the following:
You can receive money directly into your Y’ello account by providing your phone number or NUBAN (10 digits) Account number.
Ability to transfer money from your Y’ello account to another Y’ello Account.
If you meet some other conditions, you will be able to apply and receive loans.
Make purchase of airtime.
You can send money from your Y’ello account to another Bank account.
Note: Your DY account comes with interest payments on account balances.
Mobile payment has a better chance of providing banking facilities to millions of people in the rural areas of Nigeria. Most villages are without physical banking structure and lack even an Automated Teller Machine to make cash withdrawals. These are the people that DY account will greatly assist in achieving their banking needs.
MAKING DEPOSIT INTO YOUR DIAMOND YELLO ACCOUNT
To deposit money into you DY Account, you will need to visit any Diamond Y’ello Account agent close to you. You can locate one by searching for the Diamond DY Account banner.
Tell the agent how much you wish to deposit into your Diamond Y’ello Account and give him the money.
Give the agent your DYA NUBAN (10 Digits) Account Number to the agent.
The agent will now credit your account with the amount you have handed over to him.
You will receive a text message that your account has been funded with the amount you wish to deposit into your account.
Note: Check your account balance to confirm to account has been credited.
To view you account number, you can start by dialing *710#
Then you can select Bank Services
Select manage Account by typing 6 and send
To view your NUBAN Account Number type 2 and send
Your Diamond Y’ello NUBAN Account Number will be displayed.
TO TRANSFER MONEY TO UNBANKED
Dial *710#
Select Bank Service by typing 1 and send
Options 1, 2, 3 will be displayed
Select Transfer Money by typing 1 and send.
Select send to unbanked by typing 3 and send.
From the display screen, Enter the recipient’s mobile number
Repeat the mobile number
Enter the amount you wish to send
Enter reference
Select a four-digit secret code
Repeat the secret code
Confirm the details supplied
Enter your Account PIN
You will receive an SMS containing the secret code and a Token (a randomly generated twelve-digit number)
* Pass on the Token and the secret code to the receiver. Thereafter, the receiver goes to a Mobile Money Agent to cash out the money.
Using MTN DY Account is very simple. Anything you want to do, just dial, *710# and follow the prompts by the network. For example, if you wish to make a withdrawal from your account.
Visit any Diamond Y’ello Account agent close to you and inform him how much you wish to cash-out. Follow the other instruction to withdraw amount from an agent.
Await a confirmation prompt from the system (sent by the agent to your phone) to approve cash withdrawal.
* Proceed to approve cash withdrawal once confirmation prompt is received.
* From your Phone
* Dial *710#
* Options 1,2,3 will be displayed
* From the display screen, select Bank Service by typing 1
* Select Cash Withdrawal by typing 3 and send.
* Select from Agent by typing 1 and send
* View the transaction pending approval from the list
* Select Approved by typing 1 and send to approve cash withdrawal
* Enter your account PIN
* You will receive a message confirming the success of the cash-out along with your remaining balance after the transaction.
* Receive the cash from the agent
And whenever you feel that your pin is compromised, you can change it by:
* Dial *710#
* Select Bank Services by typing 1 and send.
* From the options displayed choose Manage Account by typing 6 and send.
* Select Change Account PIN by typing 1 and send.
* Enter your current account PIN
* Enter a new account PIN
* Repeat the new account PIN
* You will receive a confirmation upon completion.
LIMITATIONS OF MTN DY ACCOUNT
It is currently impossible to save into your account by converting your MTN Airtime into cash. It is still impossible to save money using your airtime. If this is done, it will encourage the savings culture among users of the DY Account.
Although MTN Nigeria claim is that you don’t need to visit a bank before you open an account but in reality, that will only open a level one account for you. This level of account has a lot of limitations on both daily withdrawal and maximum available balance. To open a level two and three DY Account, you will need to visit a diamond bank branch for documentations.
MTN DY Account holders do not have ATM cards for their accounts. This means that they are cut off from online transactions or withdrawal via ATMs.
There is a lot of middle man within the system. This will likely breed distrust within the people in the rural areas.
No comments:
Post a Comment