Bankly Microfinance Bank Launches in Nigeria: A New Way to Bank for Everyday People

Bankly, the renowned Fintech firm specializing in payment processing through POS terminals, has successfully unveiled its latest venture, Bankly Microfinance Bank. This momentous occasion marks a significant milestone in Bankly’s quest to extend accessible financial solutions to individuals and businesses throughout Nigeria.

The grand launch, held in Lagos, witnessed the presence of esteemed lifestyle influencers, journalists, and loyal Bankly customers. Attendees were granted an exclusive preview of the newly introduced Group Savings features embedded within the Bankly App. For a similar post, read our comprehensive article on the Top Fintech companies in Nigeria.

The inception of Bankly’s journey took place in 2019, fueled by a noble mission to tackle the financial challenges faced by groups of individuals collectively saving in local markets. These small business owners lacked access to formal banking institutions but sought a secure platform to safeguard their earnings. The traditional thrift collection system, commonly known as Ajo, often involved contributions to unverified individuals, leading to opacity and additional fees. Bankly, through digitalization, brought about a transformative change, instilling transparency and offering contributors easy access to their funds.

In 2020, Bankly expanded its services, venturing into agency banking and establishing a nationwide network of over 50,000 agents, providing vital support during the trying times of the COVID-19 pandemic. Collectively, these agents facilitated access to financial services for more than 12 million unique individuals.

With the launch of the Bankly Microfinance Bank and the group savings feature on the Bankly app, we have taken this commitment a step further, making it easier for the everyday Nigerians to save, invest and spend without hassles.

Tomilola Majekodunmi, Co-founder and CEO of Bankly

With an unwavering commitment to meeting the financial needs of ordinary people, Bankly proudly presents Bankly Microfinance Bank. As a lifestyle bank, Bankly remains steadfast in delivering uncomplicated banking solutions to a diverse customer base. Whether it’s a farmer seeking to sell their produce or a student in need of meal payments, Bankly offers a comprehensive array of products and services tailored to meet their specific requirements.

During the grand launch event, guests were captivated by a live demonstration showcasing the innovative Group Savings feature, designed to revolutionize the thrift collection system and group contributions.

Bankly’s operations are firmly grounded in compliance and customer protection, being fully supported by The Nigerian Interbank Settlement Systems (NIBBS) and holding full licenses from the Central Bank (CBN) and the Nigeria Deposit Insurance Corporation (NDIC). This commitment to adherence and security reinforces Bankly’s standing as a trusted financial institution in Nigeria.