C-One acquires Bankly to strengthen fintech footprint in Nigeria

Bankly, a Nigerian fintech company and licensed microfinance bank, has announced the full acquisition of its Nigerian operations by C-One Ventures.

The acquisition will integrate Bankly’s services, licenses, and talent with other innovative fintech solutions under C-One Ventures, as disclosed in a statement by the partners.

C-One Ventures, an investment firm with a strong focus on technology and finance in Nigeria, is consolidating its presence in the fintech ecosystem with this acquisition.

The company’s growing portfolio already includes Fulcrum, a supply chain financing platform; GetPayed, a comprehensive payment and banking app; and gomoney, a digital-only bank. The addition of Bankly is expected to enhance further the group’s capacity to provide innovative, inclusive, and scalable financial solutions for both individuals and businesses.

Founded in 2018, Bankly has established itself as an agent-based platform focused on bridging the financial divide for Nigeria’s unbanked and underbanked populations.

The company digitised traditional informal savings models such as “ajo” and “esusu,” offering secure alternatives that include savings, payments, and access to credit through a network of over 50,000 agents and a customer base exceeding 2 million users.

“Bankly was founded with a mission to drive financial inclusion to the last mile, and we have certainly made significant progress on that front,” said Tomilola Majekodunmi, CEO and co-founder of Bankly.

“Like any business, we’ve faced our share of challenges, but I’m confident that this acquisition will keep the Bankly vision alive and further advance our mission of empowering more Nigerians through inclusive financial solutions.”

Under the terms of the acquisition, the statement disclosed that C-One Ventures will absorb Bankly’s licenses, proprietary technology, partner ecosystem, and staff.

“A reorganization and restructuring process is currently underway to ensure a seamless integration. Majekodunmi will stay on in an advisory role to guide the transition,” it said.