Bankly digitizes informal thrift collection systems (esusu/ajo) to enable cash-dependent Nigerians to save and transact via online and offline channels. The company has built an agent network that lets customers deposit and withdraw cash through local agents and captures customer data to create an online banking presence. Over the past 18 months agents on the platform grew from a little over 2,000 to 15,000, and the company serves roughly 35,000 customers. Bankly also offers data-as-a-service to other providers to deliver tailored products to the informal sector. The startup operates with lower physical and customer-acquisition costs than traditional banks, allowing it to offer interest to customers while maintaining margins. With the new funding it plans to add more agents and roll out direct-to-consumer products to expand its customer base and support Nigeria’s financial-inclusion goals toward 2025.

Total raised

$2M

Funding rounds

1

Latest round

Seed

Latest activity

Mar 2021