Tolulope Iluyomade, the Executive Chairman and former Managing Director, now Group Managing Director of Shanono Microfinance Bank, has officially launched the innovative core banking platform, BankIt. During a press conference held in Manchester, UK, Iluyomade announced the launch of this groundbreaking platform.
He is currently in Manchester seeking seed funding for BankIt, a part of the Shanono Bank Group.
BankIt is designed to revolutionize access to financial services for both the banked and the unbanked, offering an array of functions that include a treasury dashboard for managing funds, customer accounts, issuing wallet accounts, and generating cards and POS machines. This platform eliminates the need for linking with existing service providers, offering a seamless experience for users. By eliminating the middlemen and simplifying processes, BankIt provides a streamlined approach to financial services that is both efficient and user-friendly.
Empowering the Nigerian Market
With the introduction of BankIt, Tolulope Iluyomade aims to provide financial services to over 45-50 million Nigerians in the next 12 months.
The platform’s capabilities goes beyond traditional banking, offering opportunities for Nigerians to participate in the financial ecosystem actively. One of the standout features of BankIt is the BankIt Aggregator Program.
This program allows Nigerians to earn as aggregators by opening accounts for others, issuing cards and POS systems, and processing cross-border payments.
This initiative not only provides additional income streams for individuals but also promotes financial inclusion across the country.
Transforming Financial Services in Africa
Tolulope Iluyomade’s vision for Bankit extends beyond Nigeria, with plans to expand operations across Africa.
The first non-Nigerian operations will be launched in Namibia, where Iluyomade has partnered with Mobilpay, a leading payment service provider integrated with all the banks in Namibia. This partnership ensures that financial services become more accessible for all Namibians and facilitates smoother financial exchanges between Nigerians and Namibians. The deal with Mobilpay is projected to generate an estimated $600 million USD, highlighting the significant economic impact of this venture.
Opportunities for Economic Growth
The launch of BankIt under the leadership of Tolulope Iluyomade is set to transform the financial landscape of Nigeria and beyond.
By addressing the needs of both the banked and the unbanked, BankIt offers a comprehensive solution that bridges the gap in financial access. With the potential to reach millions of people and empower them through the BankIt Aggregator Program, this platform is not just a banking solution but a catalyst for economic growth and development.
Tolulope Iluyomade’s innovative approach and dedication to expanding financial services across Africa demonstrate his commitment to creating a more inclusive and accessible financial system. As BankIt continues to grow and expand its reach, it promises to open new doors for individuals and businesses alike, fostering a more connected and prosperous future for all.
In conclusion, Tolulope Iluyomade’s launch of the BankIt platform marks a significant milestone in the evolution of financial services in Africa.
By offering a wide range of services and opportunities for individuals to participate actively in the financial ecosystem, BankIt is set to make a lasting impact on the continent. With plans to expand into other African countries and strategic partnerships that enhance financial access, thereby linking them to the rest of the world, Tolulope Iluyomade is paving the way for a new era of financial inclusion and empowerment.
BankIt’s launch is not just a business venture; it’s a vision for a more connected and prosperous Africa.