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The absence of banking systems in villages has made the unbanked rely on traditional saving systems. Popularly known as isusu and ajo, this system enables them to save money with a thrift collector. The thrift collector then shares the money at the end of the saving period.

However, this system is highly flawed. First, there is the issue of security that arise when the thrift collector disappears with the money or worse, he dies, leaving no clues about the savings. There are also cases when members can’t save due to being absent from a particular location.

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The third is the lack of customer data since most don’t have an online banking presence. Bankly was founded to digitize the whole process of collating money to allow these unbanked people to save using online and offline methods. Bankly, Is a Nigerian fintech startup that aids the unbanked in saving money. It was Founded by Tomilola Adejana and Fredrick Adams in 2018.

Bankly Service Offerings

Bankly services can be accessed from an ATM, mobile wallet, SMS, USSD, POS terminal, Bankly agent, and Bankly app, available for Android at the moment. In addition, Bankly offers the following services to its user base.

  • Savings: Bankly provides a secure platform for digital savings. The savings product is specifically designed for the cash-dependent informal economy in Nigeria. 
  • Bill Payments, Money Transfer and Cash Outs: Bankly’s customers can use the platform to pay for bills, buy airtime, transfer money to family, friends, or businesses as well as the cash out from agents.
  • Payment Solutions for Small Businesses: Bankly offers complete payment management solutions to allow small businesses to accept payments and manage their business operations.
  • Bankly Agents: Bankly enables Nigerian entrepreneurs to earn extra income by becoming a Bankly mobile money agent. 
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  • Bankly Loans: Bankly allows its customers to access bank overdraft service as well as acquire a loan based on their account history.
  • Data As Service: The data that Bankly collects is shared with its partners to allow customers easily access other financial services from their partners such as credit and insurance.

How Bankly Works

First, register by dialling *5554#. Then follow the necessary steps to provide the required information.

Secondly, you have to fund your Bankly wallet. This is only available at GT bank through a bank voucher, bank transfer, ATM card, bank deposit, or a direct bank debit from your bank.

How To Become A Bankly Agent

Bankly creates jobs through their Bankly Agents scheme. To become an agent, all you need is startup capital. With little as N5000, anyone can become an agent and start earning agent commission.

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In addition to that, agents accumulate points that come with financial and material benefits. For instance, An agent who accumulates 50,000 points becomes an “Oga.” An Oga can access up to 50,000 Naira in loans and weekend overdrafts. If an agent accumulates +300,000 points, they become a “Supa.” A Supa can access up to 300,000 Naira in loans, weekend overdrafts, and a chance to win a smartphone. An agent with +500,000

points is a Chairman who can access up to 500,000 nairas in loans, weekend overdrafts, and health insurance. 

Furthermore, you can become a Bankly Aggregator. A Bankly aggregator operates and maintains a minimum of 50 agents. In addition, he or she earns rewards for the transactions their agents do as well as bonuses when their agents reach Oga, Supa, or Chairman level. As a Bankly agent, you can also get a Bankly Point of Sale (POS) for free or you request to buy one.

Any deposits in Bankly are protected by the Nigerian Deposit Insurance Commission through Bankly partner banks. Therefore, you can rest assured that your money is in safe hands. Although there are lots of fintech products in the Nigerian market pitching to reach the unbanked, Bankly may likely face competition with them. Despite this, Bankly aims to grow its customer base to 2 million unbanked Nigerians over the next three years.

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This article was first published on 12th May 2022

eyimegwu-ekene

I am an accomplished content creator and recently delved into technical writing. I enjoy using my skills to contribute to the exciting technological advances and create awareness of evolving technological trends in Nigeria.

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