Tomi Adejana Majekodunmi is the co-founder/CEO, Bankly Microfinance Bank whose foray into the fintech space was borne from her entrepreneurial zeal to create a positive impact that affects businesses, communities, and society at large.
Bankly Microfinance Bank has as its mission to establish a lifestyle bank for everyday people, Its core objective revolves around catering to the diverse financial requirements of its customers across various life stages. This ranges from students seeking savings or loans for acquiring laptops, to couples aspiring for financial growth, to local market vendors desiring prompt payments, as well as cooperatives and associations in need of transparent credit access.
Business Incorporation
The co-founder highlighted that the path toward establishing Bankly Microfinance Bank commenced in 2021 with the acquisition of requisite licenses.
Subsequently, the fintech firm dedicated its efforts to formulating appropriate policies and Standard Operating Procedures (SOPs), all under the guidance of the Central Bank.
She, however, stated that, this process also encompassed the establishment of a board and the creation of essential technological infrastructure essential to realize the vision.
To her, “Our journey was greatly aided by collaborative partners such as NIBSS (The Nigerian Interbank Settlement System), who provided steadfast support throughout.”
During the past 18 months, she said, Bankly meticulously crafted and tested an app that has addressed user experience concerns while actively gathering feedback from the public to identify areas necessitating enhancement.
“Our approach hinges on attentive listening to our users and employing technology to proactively anticipate their requirements. After a comprehensive two-year endeavor, we proudly unveiled our services to the general public in August 2023,” she stated.
Motivation
She explained that her research led to a specific market in the South West, where individuals saved through an ‘alajo’ (thrift collector), enduring a monthly 3.3% fee, only to be defrauded by the very person they entrusted their funds to.
“This unfortunate incident served as the impetus for Bankly, an informal savings entity that digitizes the traditional “ajo” for cash-based communities. My exploration into this area propelled me to establish Bankly,” she averred.
Business Lucrativity
According to the CEO, “I think the potential for growth and success in the fintech industry is incredibly promising. The success we have achieved so far is a testament to the pressing need for innovative solutions in addressing real challenges faced by millions of individuals and businesses, particularly in regions with limited access to traditional banking services.
“As we’ve witnessed through the expansion of our agent network and the adoption of our digital platforms, there is a hunger for accessible, user-friendly financial services that can make a significant difference in people’s lives. This also opens up opportunities for us to develop and refine our offerings, making them even more tailored and responsive to the evolving needs of our diverse customer base.”
Business Challenges
“Our journey as a financial institution for everyday people is centered on addressing real challenges centered around the everyday pain points of our customers. Seamless transfers are banking’s most underrated feature. Its importance is often underestimated until it fails.
“Our key objective is to establish fail-safe transfers. Failed transfers can have critical implications, from endangering a person awaiting surgery, where the hospital necessitates confirmed payment before commencing the procedure, to causing distress for individuals mistaken as thieves due to payment failures while making purchases in bustling markets,” she stated.
She stressed that, another key focus of Bankly is enabling digital payment acceptance while they have observed the predicaments faced by small traders during the implementation of the cashless policy earlier this year.
She alludes that the policy’s intent was commendable, the inability of these businesses to accept payments beyond cash resulted in the loss of business opportunities and financial hardship.
According to her, “Our point-of-sale devices ensure that business owners can accommodate payments through diverse channels, from bank transfers to QR payments and cards.
“We have also incorporated extensive security measures and enhanced transparency into our products such as the Group Savings feature within the Bankly app.”
She added that, this enables seamless savings, real-time monitoring, and progress tracking, while also minimizing credit costs when multiple parties are involved.
Biography
Tomi Adejana Majekodunmi’s entrepreneurial journey has been quite an interesting one that began in 2011.
After completing her first degree in Physiology at the University of Lagos, College of Medicine, she kickstarted her career with Meristem Wealth Management while simultaneously establishing her first company.
She, however, embarked on her Masters In 2014, and briefly returned in 2015 as a Tony Elumelu Entrepreneur, while focusing on addressing challenges within the Agricultural sector.
Hence, she relocated back to Nigeria following the completion of her MBA in 2016 and joined the founding team of a startup that provided nano loans to the unbanked population.
During this period, she recognised the issue of cash digitalisation for the informal segment especially as it regards loan default, and identified significant infrastructural hurdles that needed to be addressed for effective poverty alleviation through financial inclusion.
In her pursuit of solutions to these challenges, she undertook a research programme offered by the global financial inclusion organisation, Accion Venture Lab.
This allowed her to delve deeper into these issues while engaging with individuals on the streets of Lagos and Abeokuta conversing with market women and other informal workers. It was during this phase that the concept for Bankly, which was how her third entrepreneurial endeavour took shape.
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