…Unveils New Products to Deepen Financial Inclusion
Bankly, the popular Fintech company that specializes in payment processing through POS terminals, has today 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.
Speaking on the remarkable feat, 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.
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