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FinTech firm unveils microfinance bank to deepen financial inclusion



Financial Technology (FinTech) firm, Bankly, has unveiled Bankly Microfinance Bank, to deepen financial inclusion in the country.

Bankly specialises in payment processing, through Point of Sale (PoS) terminals.

The Chief Executive Officer, Bankly, Tomilola Majekodunmi, in a statement on Thursday described the unveiling of the bank as a significant milestone in the firm’s journey to provide accessible financial solutions to individuals and businesses across Nigeria.

Majekodunmi said with the establishment of the bank, came the introduction of the ”Group Savings” features within the Bankly App.

The Group Savings innovates around the thrift collection system and group contributions.

She said that Bankly’s journey began in 2019, with a mission to address the financial challenges faced by group of individuals, saving collectively in local markets.

According to her, these small business owners lacked access to formal banking institutions, but need a secure place to save money from their sales.

”The traditional thrift collection system, otherwise known as Ajo, often involved contributions to unverified individuals, resulting in a lack of transparency and additional fees.

”Bankly stepped in to revolutionise this process by digitising it, bringing transparency, and allowing contributors to access their funds with ease.

”We are thrilled to announce the launch of Bankly Microfinance Bank.

“At Bankly, we have always been committed to easing financial processes and addressing the pain points of everyday people through a wide range of financial products and services.

”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.

”With an unyielding commitment to addressing the financial needs of everyday people, Bankly now proudly presents Bankly Microfinance Bank,” she said.

Majekodunmi said that in 2020, Bankly expanded its offerings, venturing into agency banking and creating a network of over 50,000 agents nationwide to provide cushion during the COVID-19 pandemic.

She said that these agents had collectively facilitated access to financial services for over 12 million individuals to date.

Majekodunmi said that as a lifestyle bank, Bankly continued to focus on delivering straightforward banking solutions to diverse customers.

”From a farmer looking to sell their produce to a student who needs to pay for food, Bankly has a product or service that can help,” she said.

The Vice President, Marketing, Bankly, Uwem Ekanem, said that every product, service and feature at Bankly was designed to create new avenues for customers to access unique, safe and seamless savings, investment and payment features.

”Our goal is to ensure our customers are never stranded and are constantly empowered to make the best financial decisions,” Ekanem said.

Bankly’s operations are fully supported by the Nigerian Interbank Settlement Systems and are fully licensed by the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation, reinforcing its commitment to compliance and customer protection.

Florence Onuegbu

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.



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