Financial institutions are constantly evolving to meet the growing demands of tech-savvy consumers. One such innovative player in Nigeria’s financial landscape is Bankly.
This digital banking platform has emerged as a game-changer, offering a wide range of financial services, from savings and investments to bill payments and loans.
With its user-friendly Bankly mobile app, Bankly has made personal finance more accessible and convenient than ever before.
In this comprehensive review, we will talk about Bankly, explore its features, functionality, and user experience.
We’ll uncover the secrets behind its success, from its unique Save2Win Program to its competitive interest rates on savings and investments.
We’ll also analyze its Betta Life Credit feature, which offers cashback rewards on bill payments.
But is Bankly truly a reliable and efficient platform? We’ll examine its performance, security measures, and customer support to determine its overall value proposition.
Additionally, we’ll highlight some of the Bankly alternatives in Nigeria to help you make an informed decision.
Overview of Bankly
Founded in 2018 to address the financial inclusion gap in Nigeria, Bankly operates under the umbrella of Ampersand Microfinance Bank.
It was established with a vision to simplify banking for everyday Nigerians by leveraging technology.
The platform has quickly gained traction due to its user-friendly interface and innovative features that resonate with the younger demographic.
Bankly is licensed by the Central Bank of Nigeria (CBN) and is insured by the Nigeria Deposit Insurance Corporation (NDIC).
This regulatory compliance ensures that users’ funds are protected and that the platform adheres to national banking standards.
Despite undergoing a rebranding process, Bankly maintains its commitment to regulatory adherence, which is crucial for building trust among its users.
Its market positioning emphasizes convenience, accessibility, and high-interest savings options, making it an attractive choice for those looking to manage their finances efficiently.
Furthermore, Bankly targets young professionals, students, and anyone seeking a modern banking experience without the complexities associated with traditional banks.
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What are the Key Features of Bankly?
Bankly offers many features which are designed to enhance user experience and promote financial literacy. They include:
1. Mobile App
The Bankly mobile app is available on both the Google Play Store and Apple App Store, making it accessible to a wide range of users.
The app boasts a user-friendly interface that simplifies navigation and enhances overall usability.
2. Save2Win Program
One of Bankly’s standout features is its Save2Win program. This innovative savings incentive allows users to earn tickets for a daily jackpot by saving at least ₦200 each day.
Participants have the chance to win up to ₦10,000 daily while still earning interest on their savings at a competitive rate of 12% per annum.
3. Betta Life Credit
With Betta Life Credit, users can earn cashback on bill payments, up to 2%, when they pay bills such as electricity or airtime through the app.
This feature not only incentivizes users to manage their bills effectively but also adds an extra layer of savings.
4. Savings and Investments
Bankly offers attractive interest rates for both individual savings (12%) and group savings (up to 15%).
Users can set specific savings goals and create tailored plans, daily, weekly, or monthly, to help them reach their financial objectives.
5. Funds Transfer
The app facilitates instant fund transfers to any bank account within Nigeria, boasting a remarkable success rate of 99.3%.
Users receive transaction receipts promptly, enhancing transparency in their banking activities.
6. Bill Payment Functionality
Bankly provides comprehensive bill payment options directly within the app. Users can pay for utilities like electricity and cable subscriptions seamlessly while managing all their payments in one place.
7. Account Management Tools
Users benefit from monthly account statements that help track financial habits. Additionally, customizable saving plans allow individuals to adapt their savings strategies based on personal preferences.
Bankly’s User Experience
Below is an overview of Bankly’s user experience:
1. Onboarding Process
Registering on the Bankly app is straightforward. Users need to provide their phone number, BVN (Bank Verification Number) or NIN (National Identification Number), complete a verification process through an OTP (One-Time Password), and set up their account within minutes.
2. Performance and Reliability
Bankly’s performance is generally reliable; however, some users have reported occasional issues such as balance display errors. Despite these minor glitches, transaction speeds remain impressive, with most transfers completed almost instantly.
3. Customer Support
Customer support is available through both automated chat assistants and human representatives. While feedback on responsiveness varies, many users appreciate the availability of assistance during business hours.
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How Does the Mobile App Work?
The Bankly mobile app is designed to provide users with a comprehensive banking experience that includes saving money, making payments, transferring funds, and receiving payments.
To use the Bankly app, follow these steps:
- Download the app, which is available on both Google Play Store and Apple App Store.
- Open the app and enter a valid phone number linked to your Bank Verification Number (BVN) or National Identification Number (NIN).
- Verify your number using an OTP sent to your phone.
- Complete your profile by providing personal information such as date of birth and names.
- Take a selfie for identity verification.
- Create a secure passcode.
- Once registered, you can fund your account to start using the app’s features.
- You will receive a virtual account upon registration for receiving funds.
In addition, users can earn ₦500 for each successful referral who registers and completes their first transaction.
This feature encourages users to share the app with friends and family, potentially earning significant passive income.
What are the Pros and Cons of Using Bankly?
Bankly offers a range of advantages and disadvantages that potential users should consider before adopting the platform. They include:
Pros:
- High interest rates on savings compared to traditional banks.
- Unique features like Save2Win and Betta Life Credit encourage saving.
- User-friendly mobile application enhances accessibility.
Cons:
- Occasional bugs may affect transaction visibility.
- Customer support can be slow at times.
- Some users report issues with transaction reversals when errors occur.
What are the Alternatives to Bankly?
While Bankly offers compelling features, several alternatives exist in Nigeria’s fintech landscape. They include:
- Kuda App: Known for no-fee banking services with competitive interest rates.
- PiggyVest: Offers flexible savings plans with up to 13% interest.
- TrueSaver: Focuses on group savings with competitive rates similar to Bankly’s group offerings.
These alternatives provide varying features that may appeal to different user preferences based on individual financial goals.
Conclusion
Bankly stands out as a lifestyle banking app that combines modern technology with user-centric features designed for everyday financial management.
Its strengths lie in high-interest rates on savings, unique programs like Save2Win, and an overall user-friendly experience.
However, potential users should consider occasional technical issues and customer support limitations when evaluating whether Bankly meets their banking needs.
Frequently Asked Questions
1. What makes Bankly different from traditional banks?
Bankly focuses on providing high-interest savings options along with unique features like cashback on bill payments and gamified saving programs that traditional banks do not typically offer.
2. Is my money safe with Bankly?
Yes, Bankly is licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC), ensuring your funds are protected under Nigerian banking regulations.
3. How do I earn tickets in the Save2Win program?
To earn tickets in the Save2Win program, you need to save at least ₦200 daily through the app. Each day you save this amount gives you one ticket for a chance to win cash prizes.
Can I use Bankly for business transactions?
While primarily designed for personal finance management, some features may be beneficial for small business owners; however, it is not specifically tailored for large-scale business transactions like traditional commercial banks.
