What Is Bankly and How Is Does It Work?

Bankly is a Nigerian fintech startup that allows people to access financial services using their mobile phones, even if they don’t have a bank account. The company has built a network of agents across Nigeria who can help customers deposit and withdraw cash, pay bills, and buy airtime and data.

What Does Bankly Do?

Bankly offers financial services via ATM, mobile wallet, SMS, USSD, POS terminal, Bankly agent, and Bankly app for Android and iOS. Here’s the breakdown of its services:

  • Savings: Access to savings for Bankly users to earn interest when they save their money.
  • Bill Payments: Pay utility bills such as TV data, electricity, data, and more.
  • Money transfer: Transfer money to family, friends or businesses as well as cash out from agents.
  • Payments: Allows small businesses in Nigeria to accept payments and manage their business operations.
  • Bankly Agents: Earn extra income by becoming Bankly mobile money agent.

How Bankly Works

To use Bankly, you can download the Bankly mobile app, create an account with basic information, and start saving and sending money. Cash deposits can be made at Bankly agent locations or using Bankly vouchers available at retail stores. Money can be sent to other Bankly customers or bank accounts through the mobile app, along with bill payments and purchases of airtime and data. Bankly charges low fees for services, which are often lower than traditional banks.

To become a Bankly agent, you need to meet specific requirements, such as having a valid business license, a physical location, and a POS machine. 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.

To fund your Bankly wallet, you can deposit cash at a Bankly agent location, use a Bankly voucher purchased from retail stores, or transfer money from another bank account. To withdraw money, you can either withdraw cash at a Bankly agent location or transfer money to your bank account through the Bankly mobile app.

Bankly Savings is a feature of the Bankly mobile app that enables you to save money and earn 12% interest per annum. Withdrawals from the Savings account can be made at any time. Bankly Savings offers an interest rate of 12% per annum.

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 (₦)
Transaction TypeAmount (₦)Agent Fee (₦)Bankly Fee (₦)
Airtime/DataAny Amount2% Discount
Pay BillsTotal Fee (₦)Agent Fee (₦)Bankly Fee (₦)
Cable TV / Electricity1005050

Is Bankly Safe?

Bankly is a secure platform that prioritizes the protection of your data. The company employs several security measures to ensure the safety of your information. Encryption is used to encrypt data, making it difficult for unauthorized individuals to access or steal. To prevent fraud, Bankly requires you to undergo KYC (know your customer) verification, which involves providing personal information for identity verification purposes. These security measures make Bankly a reliable and safe platform to use for financial transactions. In addition, your deposits are protected with the Nigerian Deposit Insurance Commission through Bankly partner banks.

Bankly Alternatives

If Bankly’s features and products do not meet your needs, there are other digital banks in Nigeria that you can consider. Here are a few top alternatives to Bankly in Nigeria:

More Information_

Bankly FAQs

What's Bankly WhatsApp number?

Bankly WhatsApp number is 2349131038000.

Where is Bankly located?

Bankly is located in Lagos, Nigeria.

How to get Bankly POS machine

To get a Bankly POS, you can sign up as an agent and receive a free POS terminal. Alternatively, you have the option to purchase a POS terminal outright.

How much is Bankly POS machine?

Bankly charges 10,000 naira for caution fee and 2,000 naira insurance fee. If they are delivering, an additional N5000 is inclusive. The payment does not make you the owner of the terminal, as it’s not been sold outright.

What are Bankly POS charges?

Bankly charges 0.3% on POS withdrawals and a flat rate of N35 on all transfers.

What is Bankly agent commission?

Bankly agents earn commissions from customers' deposits and bill payments, with a 2% commission for bill payments and a 3.34% commission for deposits based on the traditional model.

Our goal

We want to inform you about the latest banking trends and developments, by providing comprehensive reviews of banks around the world offering virtual banking services and bitcoin based banking.

Our aim is to help you know the best bank accounts, how to open a bank account, best banks to invest and buy bitcoin, how to apply for payment and virtual cards, how to open a non-resident bank account in the US or EU, how to earn a passive income with your crypto, obtain a loan with your crypto deposits, and many other banking-related topics.