For individuals who are unbanked, the first concern they often face regarding their money revolves around security. This arises when a thrift collector with whom they save their money goes missing or is feared to be deceased, leaving no trace of where their savings are kept. Additionally, limited access is another challenge as members cannot consistently save when they are absent from a specific location. Finally, there’s the issue of lacking customer data, as many unbanked individuals do not have an online banking presence. Bankly has tackled these challenges by digitizing the entire process of money collection, enabling unbanked individuals to save using both online and offline methods. Over the past few years, the company has diligently expanded its distribution and agent networks. Customers now have the convenience of depositing and withdrawing cash with a Bankly agent at any time, effectively addressing the access issue, especially in cash-dependent communities.
Is Bankly Legit?
“Bankly is a Microfinance Bank with RC 1621535 and is a wholly-owned subsidiary of 5554 Technologies LTD with RC 1509344. The bank is licensed by the Central Bank of Nigeria (CBN), protected by the Nigeria Deposit Insurance Company (NDIC), and registered with the National Association of Microfinance Banks (NAMB).” In a simple answer, YES, Bankly is a legitimate financial institution. In 2021, they announced the successful closure of a $2 million seed round, a significant milestone in their growth journey. The Bankly API is trusted by top platforms such as Pocket by PiggyVest, Rubies, Traction, Payhippo, and Multigate, demonstrating its credibility. Although their mobile application, “Bankly Agent,” available on Google’s Play Store, has garnered over 50k+ downloads, there are no ratings or reviews on the platform itself. Instead, reviews can be found on Bankly’s own website, where users have shared their experiences:
- “I love the app cos of the low transaction charges, you can monitor and track your transactions, cool cash back and also easy to navigate. I recommend it for those that wish to save their money too.” – Edidiong Isaac (Lolly)
- “The onboarding process is seamless, I registered in less than 3 minutes. I also like the user interface looked very modern. Then the 12% return on savings is very good compared to other saving platforms. Then the jackpot experience where you can win as high as one million naira every day. I absolutely love it.” – Segun Oluwalana
- “I haven’t used this app for transactions but the registration and everything was fast and no ads showing on this app. I encourage people to download and start making use of this app. I will definitely use it because I’m a mobile money business person and I’m always looking for a better way to help my customers because my customers always looking for an opportunity to get an economical way of transacting. Good Appearance and assistant answered me immediately I sent a message to them, very fast.” – Olamide Oyinloye
Services Offered By Bankly
- Bankly App: The Bankly app offers various services, including personal savings with a 12% annual interest rate. Users can also engage in group savings with friends and family in a transparent, accountable, and secure manner while earning up to 15% interest per annum. Additionally, Bankly allows users to conveniently make all types of bill payments in one place, from electricity bills to airtime top-ups, GOTV, DSTV, Startimes subscriptions, and more. With Bankly, managing bills is just a few taps away, and users can save up to 2% on every bill payment. The app also features inter-bank transfers, referral bonuses, and an in-app assistant.
- Bankly Business: This service provides businesses with Bankly POS systems that enable them to accept various payment methods, including card payments and bank transfers. This flexibility simplifies catering to customers’ needs.
- APIs: With Bankly’s secure API, corporate businesses gain access to various settlement styles and can implement financial solutions quickly and cost-effectively, all without the need for a banking license. The API offers features such as virtual account creation, transfers, and bill payments, streamlining financial operations, and enhancing customer satisfaction with low transaction fees.
Pros of Bankly
- Legitimacy: Bankly is a licensed financial institution backed by regulatory authorities, ensuring the safety of customers’ funds.
- Convenience: The Bankly app offers a user-friendly interface, enabling easy transactions, monitoring, and bill payments, all in one place.
- Competitive Interest Rates: Users can benefit from attractive interest rates on personal and group savings, making it an appealing option for growing their money.
- Secure: Bankly’s security measures protect users’ financial data and transactions, instilling trust among customers.
- Cashback and Rewards: The app offers cashback and rewards, providing additional value to users.
Cons of Bankly
- Limited User Ratings and Reviews: The lack of user ratings and reviews on third-party platforms makes it challenging for potential users to gauge the app’s performance.
- Initial Bugs: Some users have reported initial issues with user verification and address verification, impacting the onboarding experience.
Bankly emerges as a legitimate and regulated financial platform designed to cater to the needs of unbanked individuals and businesses in Nigeria. With its array of services, including personal savings, group savings, bill payments, and secure APIs for businesses, Bankly addresses common financial challenges faced by the unbanked population. While it boasts competitive interest rates, convenience, and security features, the absence of user ratings and reviews on external platforms and initial bugs in the onboarding process are areas that could be improved. Overall, Bankly offers a promising solution for financial inclusion and empowerment in Nigeria.