In a notable yet discreet development within Nigeria’s fintech sector, investment firm C-One Ventures has acquired Bankly, a digital-first microfinance bank that has gained traction for targeting the country’s large unbanked population. The acquisition, which has remained largely under the radar, was confirmed through a press release and subsequent industry reporting. While the transaction amount remains undisclosed, the strategic intent behind the deal is already reshaping Nigeria’s digital finance landscape.
Digitising Traditional Savings Models
Bankly, co-founded in 2018 by Tomilola Majekodunmi and Frederick Adams, emerged with a vision to modernise informal savings systems such as "ajo" and "esusu." These traditional models have been reimagined through Bankly’s digital platform, enabling secure savings and access to financial services in underserved areas. With a footprint of over 50,000 agents and a user base exceeding 2 million individuals and small businesses, Bankly has become a critical player in Nigeria’s push for financial inclusion.
C-One Ventures' Broader Fintech Strategy
C-One Ventures, a technology-oriented investment company with limited public exposure, has been building a portfolio focused on digital finance infrastructure in Nigeria. The firm already backs Fulcrum, a supply chain finance platform, GetPayed, an all-in-one payment and banking app, and gomoney, a digital banking service. The acquisition of Bankly represents a consolidation of key capabilities under one umbrella, offering synergies across licensing, talent, and distribution networks.
Strategic Integration and Continuity
As part of the deal, Bankly’s operations, licenses, and extensive agent network will be fully integrated into C-One Ventures’ ecosystem. CEO Tomilola Majekodunmi will step down from daily operations but continue to support the transition in an advisory role, ensuring continuity in leadership and mission. This approach signals C-One’s commitment to retaining Bankly’s core ethos while driving scale through strategic alignment.
Investor Confidence and Growth Milestones
Bankly first attracted significant investor attention during its USD 2 million seed round in 2021, which was led by Vault and Flutterwave. The funding facilitated a rapid expansion of its agent network from 2,000 to over 15,000 and laid the foundation for rolling out digital savings and credit products. This growth trajectory underlined a deliberate strategy: build distribution infrastructure first, then introduce scalable digital financial services.
Enhancing Rural and Urban Market Penetration
With the acquisition now complete, C-One Ventures aims to leverage Bankly’s reach to drive cross-selling opportunities across its fintech platforms. The agent-based model, already proven effective in penetrating rural markets, is expected to accelerate the uptake of complementary services like digital banking, payments, and credit in both remote and urban areas. This positions C-One to challenge incumbents and offer integrated financial solutions where they are needed most.
Leadership Reflections on a Mission-Driven Journey
Reflecting on the acquisition, Majekodunmi expressed pride in Bankly’s journey over the past six years, citing its progress in delivering last-mile financial services despite operational challenges. She affirmed her belief that the new ownership structure would not only preserve the company’s mission but also amplify its impact. Her continued involvement in an advisory capacity reflects her dedication to seeing Bankly’s original vision endure.
As regulatory approvals are secured and operational integration proceeds, Bankly’s role within C-One Ventures marks a new phase in the evolution of Nigeria’s fintech landscape. The consolidation signals a maturing market, where agent-driven infrastructure and scalable digital solutions are becoming central to financial inclusion strategies. If successfully executed, this merger could become a model for future fintech rollups in emerging markets.