Bankingly offers digital service to over 900 MFBs with $13m investment

By Henry Uche 

As technology continues to reshape the banking operations by reducing customers in the banking hall, Bankingly, a subsidiary of Infocorp Group, is set to offer digital service to customers of over 900 micro finance banks (MFBs) in Nigeria using mobile app.

Speaking at the launch yesterday in Lagos, the Business Development Manager, Ken Okolo, disclosed that millions of customers of MFBs are excluded from the benefits provided by technology and digitalisation, hence the need to carry everyone along with its digital channel solutions. 

He explained that Bankingly partners Microsoft to provide digital security of data for end users, even though customers’ banking details remain with their respective banks. “We want to reduce the queue in the banking hall and analogue mode of operations. Customers are willing to switch because they don’t want delays and unnecessary visit to their banks, if their banks would buy into this digital solution. 

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“We employed ethical hackers to try and break into our solution but they couldn’t because we’re using sophisticated and world class channels protocol provided by Microsoft to safeguard customer’s data. We want to provide financial inclusion for all as we work with core banking system and stand-alone core banking system,” 


He added that the company was open to partner with persons and groups who have the wherewithal to provide technical and technological solutions to the target market. “Currently, we have been serving three MFBs in Nigeria, and we have been operating in 15 countries and by March, we shall storm 20 more countries. We hope that, in the next 10 years,  every banking customer would be using Bankingly mobile App,” he added. 

On his part, the Head of Monitoring & Evaluation, National Association of Microfinance Banks (NAMB), Eddy Orok, said MFBs were willing to adopt the solution provided by Bankingly. “We shall embrace it because the future of banking sector is digital. You know people do not want the traditional banking operations, they need faster, convenient and flexible banking operations, so it’s a way forward,” he stressed.