Bankly, a Fintech company specialising in payment processing through POS terminals, has announced the launch of 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, otherwise known as Ajo, often involved contributions to unverified individuals, resulting in a lack of transparency and additional fees. Bankly stepped in to revolutionize this process by digitizing 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.

Giving her remarks, Tomilola Majekodunmi, Co-founder and CEO of Bankly denoted, “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, Bankly has 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.”

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.

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), reinforcing its commitment to compliance and customer protection.