Bankit Microfinance Bank has unveiled a new identity, WayvePay, as part of a broader transformation aimed at expanding its digital banking and payments services and improving access to financial services for individuals, entrepreneurs and businesses across Nigeria.
The transition, according to the bank, goes beyond a change in name and visual identity, with the new platform introducing enhanced technology, expanded functionality and additional channels for banking, payments, savings and financial management.
In a statement yesterday, the Head of Corporate Communications and Marketing, Kingsley Ezenwa, said the rebranding represented the evolution of the bank’s digital banking proposition in response to changing customer expectations and the rapid growth of Nigeria’s digital economy.
He explained that WayvePay had been built on the foundation established by Bankit, while incorporating new technology and services intended to make everyday financial transactions more convenient, secure and accessible.
Ezenwa said the new identity reflected the institution’s ambition to move beyond conventional banking services and develop a more comprehensive digital financial platform capable of serving the changing needs of both retail and business customers.
“WayvePay is more than a new name. It represents the next stage of our evolution and what we believe digital banking should offer customers going forward. We are building on the foundation established by Bankit while introducing smarter technology, improved functionality, enhanced security and a more seamless banking and payments experience.
“Our commitment to our customers remains the same, but our ambition is bigger. With WayvePay, we are creating a platform that goes beyond traditional banking to help individuals and businesses save smarter, move money faster, make payments more conveniently and manage their financial lives with greater confidence,” he said.
According to the bank, a key feature of the WayvePay platform is the wider range of financial services structured around customers’ everyday financial needs.
The platform offers savings options intended to encourage more consistent saving and help customers manage their funds, alongside digital transfers, payments, card services and business banking solutions.
The institution said the expansion was designed to provide customers with a broader set of financial tools within a single digital ecosystem, while improving the convenience of routine transactions.
Technology is also at the centre of the new platform, particularly in customer support and security.
WayvePay is introducing artificial intelligence-powered customer support to provide faster assistance with common banking enquiries, onboarding difficulties and routine transaction-related issues.
The AI-enabled support system is expected to handle straightforward customer requests, while more complex or sensitive cases will be escalated to authorised support personnel.
The bank is also deploying AI-enhanced security and intelligent monitoring capabilities to strengthen its approach to transaction security. The technology is designed to identify unusual transaction patterns and potentially suspicious activities, complementing existing security procedures and enabling authorised teams to respond more efficiently to emerging risks.
The bank said the measures were part of its wider effort to combine improved customer experience with secure digital banking.
Beyond its mobile application, WayvePay is also expanding access through a dedicated USSD banking channel, giving customers another option for accessing essential financial services.
The USSD channel is particularly relevant in a market where access to reliable internet connectivity, smartphones and mobile data can vary significantly among customers.
By providing an alternative that does not depend entirely on an internet connection or smartphone application, the bank said the service would help extend access to digital financial services to customers with limited connectivity, restricted data access or a preference for USSD banking.
The development is also expected to support financial inclusion by making banking services available across a wider range of customer segments and locations.
With the transition to WayvePay, the bank is positioning its digital platform around a combination of payments, savings, banking, customer support and security features, as competition and demand for digital financial services continue to grow in Nigeria.
The new identity therefore represents not only a rebranding exercise but also a broader repositioning of the institution’s digital banking offering, with the bank seeking to provide customers with more channels and tools for managing their finances in an increasingly digital economy.