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Bankingly set to increase financial inclusion in Africa via its digital channels

Bankingly set to increase financial inclusion in Africa via its digital channels

Bankingly, a digital banking software, is set to provide the same high-level technology-based digital channel services enjoyed by big commercial banks to microfinance banks, financial institutions, and cooperatives across Africa to accelerate financial inclusion.

Bankingly plans to expand to 8 more African countries including Egypt, Morocco, Angola, Algeria, Ivory Coast, Cameroon, Zambia, and Senegal in addition to those where it already has a presence (Nigeria, Ghana, South Africa, Tanzania, and Kenya).

“In 2016, we had a first flight that went live on Bankingly channel, and in 2020 we moved into Africa to sign in our first client in Kenya- a big commercial bank. More recently in Nigeria, we started in February with three microfinance banks with our very near production using our mobile Bankingly application as well as customer delivery services,” Ken Okolo, Business Development Manager at Bankingly, said.

Bankingly has been involved in providing digital financial services, security channels, and digital channels, to big commercial banks globally. Founded in 2015, the company is focused on financial institutions’ growth by providing channels for added services and also aid transactions without going to the bank physically.

According to the company, financial institutions can make the most of one of the features that have been provided from a communication perspective, targeted at specific customer segments. Users are selected according to products that it offers them where salary earners and small and medium enterprises (SMEs) can be accessed in segments with the information they registered with thereby reaching the right people intended.

“One of our platforms is internet banking where we help customers with online banking services, and also mobile banking services. We are also looking at offering other channels with part of the funding received like unstructured supplementary service data (USSD). For those in the offices, we are focused on the channels that will help your customers to be able to interact with your bank without necessarily coming into the bank,” Okolo added.

Although the fintech company offers a platform for individuals and also businesses, it also offers mortgage institutions the ability to have their own internet market and to run their transactions as a business. It currently provides digital channels to about 90 clients in 15 countries with 3.5 million people worldwide.

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Bankingly does not provide core banking services, it integrates to various core banking systems provided by its clients to serve their customers’ needs. “We try to separate the two because of our understanding of how important this is to financial services as you have a separate provider who is helping you with your channels, it means that you can connect to other third-party services, and in the case of new innovations in the market, we are able to integrate that into our app,” Okolo explained.

Advantages of Bankingly

Pay per real usage

Bankingly charges its clients on a ‘pay as you use’ basis. The number of customers who log in to the mobile banking app is what the client will pay for. For example, if a client has 5,000 customers and 1,000 use the channel, Bakingly will only charge for 1,000 customers.

Future proof

The mobile banking application web pack is future-proof. As new updates and developments come up, the app will automatically update the new features because it is a cloud-based app. As such, as new functionalities are discovered and added, there is no need for manual updates as well as no fee will be charged.

Unbeatable time to market

According to the company, Bankingly can be implemented faster than other solutions within 2-3 months and it will suit its clients’ customers’ needs.

Safety and authority

Bankingly is very keen on safety and authority as it deals with financial institutions. Being hosted on Microsoft Azure, an online security platform, the company makes available easy management, support, and well customizable features for its customers.