C-One Steps In to Revive Nigeria's Bankly, Boosting Financial Inclusion

Tomilola Majekodunmi, Bankly Founder & CEO

In a strategic move to expand its footprint in grassroots financial services, C-One Ventures Platform (C-One) has announced plans to invest in and acquire the licences, technology, and select assets of Bankly, a prominent Nigerian microfinance bank and fintech company. The agreement, which remains subject to regulatory approval from the Central Bank of Nigeria, marks a significant step toward stabilizing and scaling financial access for underserved communities.

Bankly, founded in 2018, has played a critical role in bridging the gap between Nigeria’s formal financial system and its large informal economy. Through savings, payments, and credit solutions, the company has brought essential financial services to those historically excluded. However, in recent times, Bankly has struggled with liquidity challenges and operational disruptions, notably delays in customer withdrawals and a decline in service availability.

C-One’s acquisition strategy prioritizes customer protection and operational stability. Once finalized, the deal will integrate Bankly’s offerings with C-One’s broader financial services ecosystem, which already includes ventures in education, healthcare, commerce, and finance. According to a representative from 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.”

The transaction will involve a modest cash consideration, reflecting C-One’s commitment to sustainable growth rather than aggressive expansion. Immediate post-acquisition plans include resolving outstanding customer obligations, restoring trust, and ensuring uninterrupted access to critical financial services.

Importantly, Bankly’s co-founder, Tomilola Majekodunmi, will continue to play a role in the company’s journey, serving in an advisory capacity. This ensures continuity of vision and leverages her expertise in navigating the unique needs of Nigeria’s informal economy. “We are immensely proud of the impact we have made over the years,” Majekodunmi said. “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.”

The acquisition comes at a time when the Nigerian fintech sector is evolving rapidly, with players increasingly seeking operational resilience over unchecked growth. Earlier disruptions across the sector, including service outages and liquidity struggles by smaller fintechs, have highlighted the urgent need for stronger capital bases, robust governance, and integration into broader digital ecosystems.

C-One’s move reflects a growing trend of venture studios and investment platforms stepping in to rescue or consolidate distressed fintech assets. Analysts suggest that this strategy offers dual benefits: safeguarding financial inclusion gains made over the last decade while creating more sustainable business models that can withstand market volatility.

For C-One, the acquisition of Bankly complements its mission to build and scale technology-driven businesses that meet Africa’s most critical needs. With an already diverse portfolio spanning sectors such as education, healthcare, and commerce, adding grassroots financial services further cements its role in promoting inclusive economic growth across the continent.

By reinforcing Bankly’s foundation, addressing recent challenges, and integrating its services into a broader digital platform, C-One aims to create a more resilient, community-centered financial services network — one built not just for profit, but for lasting impact.

Source: Innovation Village