C-One Ventures Platform (C-One) has acquired the licences, technology and select assets of Bankly -a licensed microfinance bank and fintech firm across Nigeria.
The deal is subject to regulatory approvals including from the Central Bank of Nigeria. The acquisition will see Bankly integrated into C-One operations and scaling it even further.
“We believe financial services should be simple, affordable and accessible to everyone,” said a representative of C-One. “Bringing Bankly into our ecosystem allows for a combination of community networks with our powerful digital infrastructure to expand access to finance for underserved communities and drive real economic participation.”
Founded in 2018, Bankly provides its users access to savings, payments, and credit solutions and was recently under pressure due to liquidity constraints and operational lapses leading to disrupted customer services and downtime. The acquisition will see C-One restore Bankly services and continuity with Bankly’s Co-founder, Tomilola Majekodunmi, as an advisor.
“We are immensely proud of the impact we have made over the years. Bankly was built to serve people who were left out of the formal financial system and with C-One’s backing, we have an opportunity to build on this foundation, address recent challenges, and expand our reach to even more communities,” said Majekodunmi.
Founded in 2018 by Tomilola Adejana and Fredrick Adams, Bankly started as an airtime voucher recharge platform before evolving into a savings, payments, group contributions, and credit access platform over 50,000 agents and over 2 million customers leading it to acquire a Microfinance Bank license.
In March 2024, Bankly secured $2 million in seed funding to help it take its services to more unbanked masses in Nigeria using its model. Joining C-One Ventures portfolio will help it grow its services and even reach more users as C-One, an investment firm, has the funds to drive loans, savings and customer withdrawals.
C-One also runs Fulcrum, a fintech platform financing suppliers in Nigeria, GetPayed, a payment and banking solutions firm, and Gomoney, a Nigerian digital.
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