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A Fintech company that specialises in payment processing through POS terminals, has launched Bankly Microfinance Bank (MfB).
The launch of Bankly MfB marks a significant milestone in Bankly’s journey to provide accessible financial solutions to individuals and businesses across Nigeria.
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, 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 digitalising it, bringing transparency and allowing contributors to access their funds with ease.
In 2020, Bankly 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.
Co-founder and CEO of Bankly, Tomilola Majekodunmi, who was thrilled at the launch, said “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.”
