Bankly, a fintech company that specialises in payment processing through PoS terminals, has announced the launch of Bankly Microfinance Bank to provide accessible financial solutions to individuals and businesses across Nigeria.
According to the firm, its journey began in 2019 with a mission to address the financial challenges faced by groups of individuals saving collectively in local markets, and these small business owners lacked access to formal banking institutions but needed a secure place to save money from their sales.
While 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 has stepped in to revolutionise this process by digitising it, bringing transparency, and allowing contributors to access their funds with ease.
Furthermore, in 2020, the fintech company further expanded its offerings, venturing into agency banking and creating a network of over 50,000 agents nationwide to provide a cushion during the COVID-19 pandemic. These agents have collectively facilitated access to financial services for over 12 million unique individuals to date.
Speaking on the remarkable feat, the co-founder and CEO of Bankly, Tomilola Majekodunmi, stated that, “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. 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, we have a product or service that can help.
“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,” said Uwem Ekanem, Vice President, Marketing at Bankly.
“Our goal is to ensure our customers are never stranded and are constantly empowered to make the best financial decisions,” he added.
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