• Latest
  • Trending
Bankly redefines savings for underprivileged people

Bankly redefines savings for underprivileged people

August 15, 2023
MSport 2025

MSport 2025: Nigeria’s #1 Sports Betting Site, Powered by Chelsea & BVB

September 25, 2025
MNT-Halan introduces Egypt’s first secure lending solution via Halan App

MNT-Halan introduces Egypt’s first secure lending solution via Halan App

September 25, 2025
Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

September 25, 2025
Airtel Africa invests in education with 100 scholarships and new tech hubs

Airtel Africa invests in education with 100 scholarships and new tech hubs

September 25, 2025
SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

September 25, 2025
Tango Brook launches digital card for fuel management

Tango Brook launches digital card for fuel management

September 25, 2025
AI in Nigeria announces 3rd edition of InnovationAI

AI in Nigeria announces 3rd edition of InnovationAI

September 25, 2025
Interswitch Unveils Quickteller Travel to Transform African Travel Experience

Interswitch Unveils Quickteller Travel to Transform African Travel Experience

September 25, 2025
Alibaba, Nvidia collaborate to expedite humanoid robot development

Alibaba, Nvidia collaborate to expedite humanoid robot development

September 25, 2025
OpenAI expands $500 Stargate AI initiative in partnership with Oracle and SoftBank

OpenAI expands $500 Stargate AI initiative in partnership with Oracle and SoftBank

September 25, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Tech News Africa Tech News

Bankly redefines savings for underprivileged people

Felicia Akindurodoye by Felicia Akindurodoye
August 15, 2023
141 9
0
Bankly redefines savings for underprivileged people
465
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

Nigerian fintech known as Bankly is driving financial inclusion to benefit all classes of people down to the grassroot by introducing the Bankly Group Savings Feature.

The “Ajo” savings method known to average people, has been given a contemporary makeover by Bankly Microfinance Bank and made available as a feature on the Bankly mobile app.

It is similar to a bridge that unites the collaborative nature of saving money with the ease of use provided by digital tools. 

Because of this function, regular people are now able to firmly organize themselves and their loved ones in order to save money for a community or communal endeavor.

RelatedPosts

No Content Available

Read also: African mobility Fintech, Moove secures $76 million for expansions

The impact of Bankly Group savings

The Group Savings feature offered by Bankly is a forward-thinking solution to the age-old problem of how to save money among a group of people that ensures both openness and responsibility.

It provides regular people with a way out when they need to save for crucial needs by combining accessibility, a user-friendly interface, and an emphasis on transparency. In other words, it is user-friendly.

Additionally, the Group Savings feature provides an attractive annual interest rate of 15% accumulated daily, making it possible to achieve growth that is both consistent and consistent over the course of time.

That’s not the end of it. Users are able to establish savings schedules, target amounts, and maturity dates for their group savings plan, which fosters a sense of financial unity and shared responsibility among participants.

The Group Savings feature is equipped to provide members with fast alerts for contributions and withdrawals, ensuring that everyone stays informed, which serves to give contributors comfort and establish trust within the group. This function was designed to create even more transparency than it already did.

Bankly Microfinance Bank is committed to altering the financial landscape and empowering individuals such as Susan through product features that are tailored to everyday financial concerns. This commitment is in line with the bank’s mission statement.

They are making the practice of saving money less of a duty and more of a way of life that contributes to the expansion of people’s personal, familial, and professional lives.

Previous Milestone 

On August 8, 2023, the well-known financial technology company Bankly, which is known for specialising in payment processing using POS terminals, made the announcement that it would be launching Bankly Microfinance Bank. The opening of Bankly Microfinance Bank is a critical milestone in the fintech’s path towards its goal of providing individuals and businesses located throughout Nigeria with easy access to a variety of financial products.

The year 2019 marked the beginning of Bankly’s journey with the goal of addressing the monetary issues that are experienced by groups of individuals who are saving together in local markets. These proprietors of small businesses did not have access to conventional financial institutions and hence required a safe location in which to put the profits from their businesses.

The old way of collecting alms, which is also known as Ajo, frequently required contributions being made to individuals who could not be confirmed, which led to a lack of transparency as well as additional expenses. Bankly came along to digitise this procedure, provide transparency to it, and make it easier for contributors to gain access to their assets. As a result, the process was completely transformed.

In the year 2020, Bankly continued to expand its product offerings by entering the agency banking industry and establishing a network of more than 50,000 agents around the country in order to act as a buffer during the COVID-19 epidemic. Collectively, these agents have, as of this point in time, made it easier for nearly 12 million distinct individuals to gain access to various financial services.

CBN revokes licenses of 2,698 Bureau de Change operators

About Bankly’s founder

Bankly was founded by Tomilola Majekodunmi, who also serves as the company’s CEO. She has worked in the financial services industry for over ten years, so she is no stranger to the difficulties that are plaguing this sector of the economy. Her efforts to find solutions to some of these problems ultimately resulted in the creation of Bankly. 

Tomilola’s goal with Bankly is to provide the digital infrastructure necessary for the financially underserved people of Africa with the ability to hold and move cash. This is a road that is less commonly taken by Nigerian fintech businesses. Tomilola has not halted to consider her options since she first began. She discusses with us the challenges she has as Bankly’s top executive in the context of the predominantly male nature of the technology business.

Tags: Banklyunderprivileged people
Felicia Akindurodoye

Felicia Akindurodoye

Felicia Akindurodoye is an experienced writer and researcher, whose watchword is originality.

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.