Bankly provides the personal & technological touch-points required to digitise cash and grow the income of the underbanked safely and simply
In the absence of a formal institution, the unbanked adopted an informal banking system known as “Ajo”. It involves a “trusted” agent collecting daily savings within a community or marketplace.
Problem with this system includes:
Security – The savings is held by an independent agent and the saver has no access in the event of accidental death of thrift collector, theft or fraud.
Access – Customers are limited by location. They are solely dependent on the availability of a single thrift collector.
Data – Lack verifiable identity/financial data
Bankly is digitising the thrift collection system using an agent network and a mobile wallet system.