Nigerian fintech startup, has secured US$2 million in seed funding to accelerate its consumer acquisition as it leads its growth process.
The fund, which is expected to help the startup scale, will see to how it can offer direct-to-consumer (DTC) products to Nigeria’s unbanked and underbanked populations.
The three-year-old bank was founded to digitise the informal “thrift collections” system – known as ajo, esusu and adashe – that is widely used among Nigerians working in the informal sector.Industry insights revealed that the startup has gained popularity for operating completely offline, however, with inherent security risks.
Operating in a sector characterised by limited access, and a lack of customer data, the startup addresses this challenge by allowing participants to save their money using both online and offline methods. With Bankly, customers can deposit and withdraw cash via agent or make payments using its app or USSD function.