Microfinance bank unveiled by FinTech company to increase financial inclusion

To increase financial inclusion in the nation, Bankly, a financial technology (FinTech) company, has introduced Bankly Microfinance Bank.

Bankly focuses in processing payments through Point of Sale (PoS) terminals.

In a statement, Bankly’s Chief Executive Officer, Tomilola Majekodunmi, referred to the bank’s opening as a critical turning point in the company’s effort to offer easily accessible financial solutions to people and businesses in Nigeria.

According to Majekodunmi, the “Group Savings” features of the Bankly App were introduced along with the formation of the bank.

The Group Savings system innovates by focusing on group contributions and the thrift collection mechanism.

She claimed that Bankly’s adventure began in 2019 with the goal of resolving the financial issues faced by groups of people who were saving money together in local markets.

She claimed that although these small business owners needed a secure location to save money from their sales, they lacked access to traditional financial institutions.

“The conventional thrift collection system, also known as Ajo, frequently required contributions to unrecognised individuals, resulting in a lack of transparency and added costs.

“Bankly intervened to reform this procedure by digitising it, bringing transparency, and enabling contributors to easily access their funds.

“We are overjoyed to announce the opening of Bankly Microfinance Bank.

“At Bankly, we have always been dedicated to simplifying financial procedures and resolving the pain points of regular people through a variety of financial products and services.

“We have taken this commitment a step further with the launch of the Bankly Microfinance Bank and the group savings function on the Bankly app, making it simpler for ordinary Nigerians to save, invest, and spend money without difficulties.

“Bankly now proudly presents Bankly Microfinance Bank,” she said. “With an unwavering commitment to addressing the financial needs of everyday people.”

According to Majekodunmi, Bankly increased its services in 2020, foraying into agency banking and building a network of more than 50,000 agents nationally to act as a safety net amid the Covid-19 outbreak.

She said that these agents had helped more than 12 million people obtain financial services to date.

According to Majekodunmi, Bankly, a lifestyle bank, has kept its attention on providing simple banking solutions to a wide range of clients.

“Bankly has a product or service that can help,” she added. “From a farmer looking to sell their produce to a student who needs to pay for food.”

According to Uwem Ekanem, vice president of marketing at Bankly, every product, service, and feature at the company is intended to give clients new ways to access distinctive, secure, and convenient savings, investing, and payment capabilities.

“Our aim is to make sure that our customers are never left stranded and are always empowered to make the best financial decisions,” Ekanem said.

The activities of Bankly are completely supported by the Nigerian Interbank Settlement Systems and are fully licenced by the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation, demonstrating the company’s dedication to compliance and consumer safety.