C-One Ventures Platform (C-One) has announced its strategic move to invest in and acquire the licenses, technology, and key assets of Bankly, a prominent Nigerian microfinance bank and fintech firm recognized for its efforts in bridging financial access gaps within Nigeria's informal economy.
The proposed deal, which remains subject to regulatory approvals, including the crucial endorsement of the Central Bank of Nigeria (CBN), underscores C-One's commitment to ensuring operational stability, safeguarding customer interests, and constructing a more robust and resilient financial services platform. Upon the successful completion of the acquisition, Bankly's established services and talented workforce will be integrated with complementary offerings from other companies within the C-One ventures portfolio, creating a synergistic ecosystem.
"We firmly believe that financial services should be straightforward, affordable, and accessible to every individual," stated a representative of C-One. "Incorporating Bankly into our ecosystem presents a unique opportunity to combine the strength of community networks with our powerful digital infrastructure. This synergy will be instrumental in expanding access to essential financial services for underserved communities across Nigeria and driving meaningful economic participation at the grassroots level."
The finalized investment from C-One will prioritize the immediate resolution of outstanding customer obligations and the stabilization of Bankly's operational framework. Furthermore, a key focus will be the strategic integration of Bankly's innovative technology into C-One's broader financial services ecosystem, leveraging its strengths to enhance overall service delivery and reach. The transaction structure involves a measured cash consideration, reflecting a strategic emphasis on fostering sustainable growth and ensuring robust customer protection.
"Our immediate priorities are to restore customer confidence and ensure the operational resilience of the platform," added the C-One representative. "We are deeply committed to building upon Bankly's foundational vision while delivering lasting value and impactful solutions to its community of users."
Founded in 2018, Bankly has played a significant role in advancing financial inclusion across Nigeria, offering innovative savings, payments, and credit solutions tailored to the needs of underserved populations. However, the fintech firm has recently encountered considerable liquidity constraints and operational disruptions, leading to challenges such as delays in customer withdrawals and reduced service availability.
As part of the acquisition strategy, C-One intends to build upon Bankly's existing foundation, ensuring continuity of essential services while strategically investing in long-term growth and scalability. Notably, Bankly's Co-founder, Tomilola Majekodunmi, will play a crucial role in this transition, serving in an advisory capacity to ensure operational continuity and the long-term success of the integrated entity.
Speaking on the development, Majekodunmi expressed optimism about the future: "We are immensely proud of the positive impact Bankly has made over the years, serving individuals who have historically been excluded from the formal financial system. With the backing of C-One, we now have a significant opportunity to build upon this foundation, address the recent challenges we have faced, and expand our reach to connect with and empower even more communities across Nigeria."
By integrating Bankly into its platform, C-One Ventures is poised to significantly expand its reach and impact within the realm of grassroots financial services in Nigeria. This strategic acquisition aims to scale impactful solutions and build resilient financial tools that cater to the real needs of individuals and communities at the base of the economic pyramid.