Bankly launches Bankly Microfinance Bank, introduces new products to enhance financial inclusion

Bankly, the popular Fintech company specializing in payment processing through POS terminals, has launched Bankly Microfinance Bank. The launch of Bankly Microfinance Bank marks a significant milestone in Bankly’s journey to provide accessible financial solutions to individuals and businesses across Nigeria.

The launch event was held in Lagos and was attended by lifestyle influencers, journalists, and Bankly customers. During the event, guests were given an exclusive look at some of the newly introduced Group Savings features within the Bankly App.

Bankly’s journey began in 2019 with a mission to address the financial challenges faced by groups of individuals saving collectively in local markets. These small business owners lacked access to formal banking institutions but needed a secure place to save money from their sales. The traditional thrift collection system, or Ajo, often involved contributions to unverified individuals, resulting in a lack of transparency and additional fees. Bankly revolutionised this process by digitizing it, bringing transparency, and allowing contributors to access their funds easily.

In 2020, Bankly expanded its offerings, venturing into agency banking and creating a nationwide network of over 50,000 agents to provide a cushion during the COVID-19 pandemic. These agents have collectively facilitated access to financial services for over 12 million unique individuals.

Bankly Microfinance bank, the new lifestyle bank

Tomilola Majekodunmi, Co-founder and CEO of Bankly, said, “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.”

Tomilola Majekodunmi, Co-founder and CEO of Bankly

With an unyielding commitment to addressing the financial needs of everyday people, Bankly now proudly presents Bankly Microfinance Bank. As a lifestyle bank, Bankly continues 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.

Read also: Bankly Raises $2 Million Seed Funding Led by Flutterwave to Scale across Nigeria

Uwem Ekanem, Vice President of Marketing at Bankly, highlighted, “Every product, service, and feature at Bankly is designed to create new avenues for customers to access unique, safe, and seamless savings, investment, and payment features—and the new developments at Bankly are no different. Our goal is to ensure our customers are never stranded and are constantly empowered to make the best financial decisions.”

During the grand launch event, guests were captivated by a live demonstration of the Group Savings feature, which innovates around the thrift collection system and group contributions.

To reinforce its commitment to compliance and customer protection, Bankly’s operations are fully supported by The Nigerian Interbank Settlement Systems (NIBBS) and are fully licensed by the Central Bank (CBN) and the Nigeria Deposit Insurance Corporation (NDIC).

To learn more about Bankly Microfinance Bank, please visit www.bankly.ng.