Bankly: Nigerian Virtual Saving Fintech for the Unbanked And Informal Sector

Bankly is a Nigerian fintech providing a virtual saving wallet for the unbanked and informal sector in Nigeria. Founded in July 2019, the fintech digitizes customer savings into a secure and convenient mobile wallet. The savings can be accessed from an ATM, POS terminal, and Bankly agent.

Small businesses and informal/blue-collar workers [in Nigeria] rely heavily on thrift collection systems (called ajo in the west, adache in the north and esusu in the east) to save. Bankly provides digital frameworks for these systems eliminating fraud, decentralising funds and improving transparency.

Bankly Services

Bankly offers a number of services via its Android app (iOS app will be available soon) and agents throughout the country. Clients can go to agents or send instructions to them about managing their funds via SMS or USSD.

Savings

Bankly provides a secure platform for digital savings specifically designed for the cash dependent informal economy in Nigeria. Nigeria is primarily a cash economy nation partly due to financial illiteracy. In 2017, only 40% of Nigerian adults in the most populous country in Africa were banked with a financial institution or a mobile money institution. Apart from helping informal traders save, cash digitisation service reduces fraud and theft prevalent in the informal sector.

Payments, Transfers and Cash Outs

Bankly’s customers are able to use the platform to pay for bills, buy airtime, transfer money to family, friends or businessses as wel as cash out from agents.

Data As Service

The data that Banklys collects is shared with partners to allow customers to easily access other financial services from their partners such as credit and insurance.

Your deposits are protected with the Nigerian Deposit Insurance Commission through Bankly partner banks.

How Bankly Works

nigeria mobile money

Registering

To use Bankly service, you first need to register. Registration is easy and it takes a few minutes. You need to have a mobile phone then dial *5554# and provide the required information.

Bankly was the winner the Innovating Justice Challenge 2019.

Funding Your Wallet

You can either fund your Bankly wallet through a Bankly voucher, bank trasfer, ATM card, bank deposit or a direct bank debit from your bank. Note that funding your wallet through bank deposit can only be done at GTbank branch.

Withdrawing

There are many options for you to withdraw your funds. You can withdraw from an agent or an ATM (you should request a debit card for this option).

Bankly Virtual Top Up (VTU) is a transfer of money from one Bankly user to another i.e. Agent to Customer, Agent to Agent, Customer to Customer etc.

Savings

To start a savings plan, you have to create a “Goal Based Savings Plan” and a target amount. Afterwards, you can start depositing money to meet your goal. In case you withdraw from your savings plan before you reach the target amount, 5% (a breaking fee) of the total amount deposited will be deducted.

How to Become a Bankly Agent

In addition to helping Nigerians in the informal sector secure and save their money, Bankly focuses on job creation through their Bankly Agents scheme. It is free to become a Bankly agent. What you need is startup capital. An agent can earn up to 500,000 naira a month. You can start with as little as N5000 as agent and start earning Bankly agent coommission.

Bankly Agent Commission

Bankly agent commission is earned from customers’ deposits and bill payments. For bill payments, Bankly agent commission is 2%. For deposits, customers are charged as the traditional model (1 out of 30 days) or 1/30 = 3.34% of every deposit.

Bankly Agent Points

Bankly agents accumulate points that come with financial and material benefits. An agent who accumulates 50,000 points becomes an “Oga.” An Oga can access up to 50,000 naira in loans and weekend overdraft. If an agent accumulates +300,000 points, they become a “Supa.” A Supa can access up to 300,000 naira in loans, weekend overdraft and a chance to win a smartphone. An agent with +500,000 points is a Chairman who can access up to 500,000 naira in loans, weekend overdraft, health insurance and a chance to win an all paid international trip (if you become a Chairman on or before 31st May 2020).

Bankly Aggregator

Bankly Aggregator is an agent who operates and maintains a minimum of 50 agents. An aggregator earns rewards for the transactions their agents do as well as bonus when their agents reach Oga, Supa, or Chairman level.

bankly fintech in nigeria

Bankly Agent POS

As a Bankly agent, you can also get Bankly Point of Sale (POS). You must be wondering, how much is Bankly POS? You are able to get a free POS terminal from Bankly as an agent. However, you can also request to buy a POS.

To get Bankly POS machine, download Bankly agent app and sign up as Bankly Agent. You can use your business/personal name. After your sign up you will send the name and phone number you registered with to for mapping as an Aggregator. Basic requirements for the registration for Bankly POS include your valid government ID Card such as voters card, national ID card, international passport, driver’s license, NEPA bill Or other utilities bill. Get all required information on how to get Bankly POS machine.

Bankly POS Charges

Bankly charges 0.3% on POS withdrawals and a flat rate of N35 on all transfers. These are the charges that you will be collecting from Bankly customers on behalf of the bank as an agent.

Bankly Charges/Fees

The following is the breakdown of Bankly charges

Transfer/WithdrawalTotal Fee (₦)Agent Fee (₦)Bankly Fee (₦)
Any Amount3535
Bankly Saving VoucherTotal Fee (₦)Agent Fee (₦)Bankly Fee (₦)
2002020
5005050
1, 0005050
2, 000100100
5, 000100100
Transaction TypeAmount (₦)Agent Fee (₦)Bankly Fee (₦)
Airtime/DataAny Amount2% Discount
Pay BillsTotal Fee (₦)Agent Fee (₦)Bankly Fee (₦)
Cable TV / Electricity1005050

 

The COVID-19 pandemic has led to economic uncertainties, loss of jobs, increase in depression and more. Incidences of domestic violence and sexual abuse rises as victims are forced to stay in the same location with abusers due to the lockdown, while abusers also takes advantage of the limited options available to those exposed in times such as these. Bankly has partnered with WARIF (Women at Risk International Foundation) to help victims access support and help give them a voice against injustice and end the violence against women. If you or someone you know is at risk, SPEAK UP NOW and REACH OUT by calling or texting our 24/7 confidential help lines on 08092100009.

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