While most Nigerian fintechs chase the banked, urban, smartphone-wielding consumer, Bankly went the other direction — deep into the markets, motor parks, and rural communities where millions of Nigerians save money the old-fashioned way: through traditional "ajo" and "esusu" savings collectors. Founded in 2018 by Tomilola Majekodunmi and Frederick Adams, Bankly set out to digitize these centuries-old informal savings systems, bringing transparency, security, and formal banking services to Nigeria's most financially excluded populations. With over 50,000 agents, 2 million+ users, and a recent acquisition by C-One Ventures, Bankly's story is one of the most unique in African fintech.
Company Overview
Company: Bankly (licensed Microfinance Bank)
Founded: 2018
Headquarters: Lagos, Nigeria
Founders: Tomilola Majekodunmi, Frederick Adams
Category: Agent Banking / Financial Inclusion / Microfinance
Funding: $2 million seed round (2021, led by Vault and Flutterwave)
Agents: 50,000+
Users: 2 million+ individuals and SMEs
License: Microfinance Bank (CBN-regulated)
Status: Acquired by C-One Ventures (2025)
Website: bankly.ng
Download: Google Play
The Origin Story: Digitizing the Ajo Collector
To understand Bankly, you first need to understand ajo and esusu — two of the oldest and most widely practiced informal savings systems in Nigeria and West Africa. In the ajo system, a collector (known as an "alajo" in Yoruba) goes door to door, market to market, collecting daily or weekly savings from individuals. The collector holds the money and returns the total at the end of the month, keeping one day's contribution as a fee. In the esusu system, a group of people contribute fixed amounts at regular intervals, and members take turns receiving the pooled funds.
These systems have been the financial backbone of Nigeria's informal economy for generations. An estimated 60 million Nigerians rely on some form of informal savings. But the system has fundamental problems: there's no paper trail, collectors sometimes disappear with funds, there's no interest earned, and savings aren't connected to the formal financial system.
Tomilola Majekodunmi and Frederick Adams saw an opportunity to bridge this gap. Rather than trying to replace the ajo system (which had survived for centuries for good reasons), they decided to digitize it. Bankly's innovation was to partner with existing ajo collectors, equip them with technology, and transform them into regulated financial agents — creating a bridge between the informal and formal financial systems.
How Bankly Works
Bankly's model is elegantly simple yet operationally complex. The platform works through a three-layer system connecting savers, agents, and the formal banking infrastructure.
The Agent Network
At the heart of Bankly is its network of over 50,000 agents. These are often the same individuals who were already serving as traditional ajo collectors in their communities. Bankly recruits, trains, and equips these agents with mobile technology, transforming them from informal savings collectors into licensed financial agents.
Agents use the Bankly platform to record deposits, track savings balances, and manage withdrawals. Every transaction is logged digitally, creating a transparent record that protects both the saver and the agent. This digitization eliminates the trust issues that plague traditional ajo — no more disputes about how much was saved, no more collectors vanishing with funds.
For Savers
Users can deposit savings with their local Bankly agent — someone they already know and trust from their community. They can track their balances via mobile (even basic phones via USSD, not just smartphones), set savings goals, and withdraw when needed. For many Bankly users, this is their first interaction with any form of formal financial services.
Digital Infrastructure
Behind the scenes, Bankly operates as a CBN-licensed microfinance bank, meaning all deposits are held in regulated accounts with proper oversight. The platform connects the informal savings network to the formal banking system, enabling savers to access services like credit (based on their savings history), insurance, and eventually, more sophisticated financial products.
Key Features
Digital Savings Tracking: Every deposit and withdrawal is recorded digitally, providing transparency and eliminating the disputes common in traditional ajo systems.
Agent-Mediated Banking: Bankly meets customers where they are — in markets, bus stops, and communities — through its agent network, removing the need for users to visit bank branches or even own smartphones.
USSD Access: Users can check balances and manage their accounts via USSD codes on basic phones, making Bankly accessible to even the most technology-limited users.
Savings Goals: Users can set and track savings goals, bringing intentionality and discipline to their savings habits.
Credit Services: By building a digital savings history for previously unbanked individuals, Bankly creates the data foundation for extending credit — a powerful tool for financial inclusion.
SME Services: Beyond individual savers, Bankly serves small and medium enterprises with payment collection, financial management, and credit facilities.
The Funding Journey
Bankly raised a $2 million seed round in March 2021, led by Vault and Flutterwave (notably, before Flutterwave became Africa's most valuable startup). This funding backed the company's expansion of its agent network from 2,000 to over 15,000 agents (and eventually 50,000+) and laid the groundwork for digital savings and credit services.
The Flutterwave investment was particularly strategic, as it signaled the payment giant's interest in the agent banking space and potentially opened doors for integration between Bankly's agent network and Flutterwave's payment infrastructure.
The C-One Ventures Acquisition
In April 2025, Bankly was acquired by C-One Ventures, a fintech investor that quietly took control of the company. The acquisition marked a new chapter for Bankly, bringing fresh capital and strategic direction to the platform. While details of the acquisition remain sparse, the deal underscored the value of Bankly's agent network and its unique position in Nigeria's financial inclusion landscape.
The acquisition also highlighted a broader trend in Nigerian fintech: consolidation. As the market matures, well-capitalized players are snapping up companies with valuable assets — and Bankly's network of 50,000 agents in underserved communities is an asset that would be extremely difficult and expensive to replicate from scratch.
Impact: The Financial Inclusion Story
Bankly's impact extends far beyond its business metrics. The platform has been recognized by the United Nations Development Programme (UNDP) for its contribution to the Sustainable Development Goals, specifically SDG 1 (No Poverty) and SDG 8 (Decent Work and Economic Growth).
By digitizing informal savings, Bankly has created financial identities for millions of previously invisible Nigerians. For the first time, these individuals have documented savings histories — data that can be used to access credit, insurance, and other financial products. Bankly has also created economic opportunities for its 50,000 agents, many of whom are building sustainable businesses around their Bankly operations.
The platform's approach of working with existing informal systems rather than against them is a masterclass in context-sensitive product design. Instead of trying to convince a market woman in Oyo to download an app and use mobile banking, Bankly simply made her existing ajo experience better, safer, and more connected to the formal economy.
Competitive Position
Bankly occupies a unique niche in Nigerian fintech. While OPay, PalmPay, and Moniepoint compete fiercely for the urban, smartphone-equipped consumer, Bankly targets a completely different demographic — the rural and peri-urban populations that rely on informal savings systems. This makes Bankly less of a direct competitor and more of a complementary player in Nigeria's broader financial inclusion ecosystem.
The closest competitors are other agent banking platforms and microfinance banks, but few have Bankly's combination of technology, scale, and deep integration with traditional savings systems.
Challenges
Operating at the base of the financial pyramid comes with inherent challenges. Transaction sizes are small, margins are thin, and the populations Bankly serves are often in the most logistically challenging locations. Agent management at scale — ensuring 50,000 agents across Nigeria are operating correctly, honestly, and in compliance with regulations — is an enormous operational challenge.
The acquisition by C-One Ventures also introduces uncertainty. New ownership means new strategic priorities, and it remains to be seen how the company will evolve under its new backers.
Our Take: Why Bankly Matters
In a fintech ecosystem often obsessed with the glamour of digital banking, investment apps, and cross-border payments, Bankly represents something fundamentally important: technology serving the people who need it most. While the rest of the industry chases Nigeria's growing middle class, Bankly is quietly building financial infrastructure for the 60 million Nigerians who save through informal systems.
The company's approach — digitizing rather than disrupting traditional systems — is a model that could be replicated across Africa and other emerging markets where informal financial systems are deeply embedded in culture and daily life. With 50,000 agents, 2 million users, and new ownership bringing fresh resources, Bankly is positioned to play an increasingly important role in Nigeria's financial inclusion journey.
Download Bankly
Learn more about Bankly and join 2 million+ users:
Android: Download on Google Play
Website: bankly.ng
