Bankly

Established in 2018 by co-founders Tomilola Adejana and Fredrick Adams, Bankly operates as a Nigerian fintech company focused on digitizing cash and providing financial services to the country's unbanked and underbanked populations. CEO Tomilola Adejana's journey from a career in investment banking to fintech entrepreneurship was driven by a passion to address the financial exclusion she witnessed, particularly the risks associated with informal savings systems. Her experience includes a role at Accion Venture Lab's research team, which provided foundational insights for Bankly's mission.

The company's core business revolves around bridging the financial gap for individuals and micro-entrepreneurs in the informal sector. It began by digitizing the traditional thrift collection process, known locally as "Ajo" or "esusu," to offer a secure and transparent savings system. The business model utilizes a hybrid approach, combining a vast network of over 50,000 agents with a digital platform. These agents facilitate offline cash collection, deposits, and withdrawals, while the digital platform enables services like peer-to-peer transfers, bill payments, and savings. Revenue is generated through commissions on transactions made through its agents and the provision of affordable financial products.

Bankly's primary offering is a personal financial management platform that allows users to save, withdraw, and make payments through virtual interfaces. A key feature is the ability for users to fund their digital wallets using vouchers, a model described as "recharge to save". In 2023, the company expanded its capabilities by launching Bankly Microfinance Bank, which introduced innovative features like Group Savings to enhance transparency in collective contributions. This allows Bankly to offer a wider range of services, including credit and investment options, directly to its customer base, which exceeds two million individuals and businesses. The firm also provides a "Banking as a Service" (BaaS) infrastructure for merchants. In March 2021, Bankly secured $2 million in a seed funding round to expand its customer base and agent network. Subsequently, in April 2025, the company's Nigerian operations were acquired by investment firm C-One Ventures, with plans to integrate Bankly's services and licenses into its portfolio, which includes other fintech platforms like gomoney. Tomilola Adejana continues to support the company in an advisory role following the acquisition.

Keywords: financial inclusion, fintech Nigeria, digital banking, agency banking, unbanked services, microfinance, cash digitization, mobile payments, peer-to-peer transfers, savings platform, informal sector finance, Ajo, esusu, thrift savings, emerging markets finance, financial services Africa, point-of-sale payments, digital wallet, Banking as a Service, BaaS, Nigerian startups, Lagos fintech