Nearly 26% of Nigerians remain unbanked, even as recent financial service strides have brought formal banking access up to 64% by 2023. Traditional savings practices can have substantial risks for many adults, particularly in rural areas or informal sectors like small-scale farming and market trading. Without access to secure, formal savings and credit options, these individuals often rely on informal thrift systems—entrusting cash to collectors without safety guarantees. This lack of reliable financial tools deepens economic instability and vulnerability cycles, underscoring the urgent need for more inclusive solutions. However, Tomilola Adejana Majekodunmi, founder of the fintech company Bankly, is working to bridge this divide.
With a mission to reach the unbanked, she created Bankly to provide secure and transparent financial services for people who have long relied on informal methods. By introducing accessible savings options in underserved communities, Majekodunmi aims to empower individuals economically, equipping them with safer, more sustainable ways to manage their money and integrate into the formal economy.
Majekodunmi’s journey toward founding Bankly combines diverse skills and experiences. After studying Physiology at the University of Lagos, she entered the investment banking sector, gaining expertise in asset management through her roles as a senior analyst and client manager at Meristem. Her curiosity about financial innovation led her to pursue an MBA from the S. P. Jain School of Global Management, where she first explored the fintech landscape.
The discovery of peer-to-peer lending and the potential of financial technology to address gaps in Africa inspired her to return to Nigeria and make finance accessible to all.
On her return to Nigeria, Temilola Majekodunmi joined SmartCredit, a startup launched by Access Bank and Airtel to provide loans to informal business owners. Her work there exposed her to the specific challenges faced by those outside the formal banking system, especially around securing and recovering loans. This experience sparked her vision for Bankly: a fintech that could digitise traditional thrift savings practices, making them safer and more accessible.
Since its founding in 2019, the startup has rapidly expanded its reach and services. Initially focused on digitising cash through vouchers, it soon established a microfinance bank and built a network of agents across Nigeria. With more than 50,000 agents reaching 12 million individuals in urban and rural areas, the company became an essential service during the COVID-19 pandemic, providing banking options in communities with little or no access to modern financial infrastructure.
Her vision for the future of Bankly remains strong. With the recent launch of microfinance services, she continues to design products tailored to the specific needs of Nigerians from all walks of life. By offering unbanked individuals a safe way to save and access credit, Temilola Majekodunmi is not only closing the financial gap but is also helping to reshape financial empowerment across Nigeria.
