Bankly acquisition aims to deepen financial inclusion in Nigeria

Bankly Microfinance Bank, previously known as Ampersand Microfinance Bank, has recently undergone a transformation to deepen financial inclusion in Nigeria. Tomi Majekodunmi, the CEO and Co-founder, shared insights during an interview with CNBC Africa, shedding light on the importance of digitization and leveraging technology to drive financial inclusion in the country. Majekodunmi emphasized the significance of redefining financial inclusion to go beyond mere account ownership. According to her, true financial inclusion is intertwined with poverty alleviation and improving the overall quality of life. She highlighted the personal impact a long-standing banking relationship can have, spanning various life stages and financial needs. Key to Bankly's approach is addressing pain points faced by customers, particularly in seamless transfers and protecting funds. The introduction of innovative features like group savings aims to foster a sense of community in banking, empowering individuals and families to manage their finances transparently. Technology plays a pivotal role in Bankly's strategy, with a strong emphasis on leveraging AI and data science to anticipate customer needs. By proactively addressing future requirements, the institution aims to enhance the banking experience for both existing and potential account holders. While acknowledging the progress made by regulators in advancing financial inclusion, Majekodunmi highlighted the need to streamline interactions and reduce barriers for service providers. Clearer communication channels and direct access to regulatory bodies can facilitate smoother partnerships and accelerate the pace of innovation in the financial sector. Looking ahead, the CEO sees vast business opportunities for fintech companies and financial service providers in Nigeria, particularly with the evolving landscape of open banking. By embracing regulatory changes and aligning business goals with customer protection, organizations can tap into the growing market potential and contribute to driving greater financial inclusion in the country. In conclusion, Bankly Microfinance Bank stands at the forefront of championing financial inclusion in Nigeria, guided by a vision to be a 'lifestyle bank for everyday people.' Through strategic initiatives, technological innovation, and collaboration with regulators, the institution is paving the way for a more inclusive and accessible financial ecosystem in the region.