Bankit
- Company typePrivate
- Founded2023
- HeadquartersIsolo, Nigeria
- Headcount51–100
- GTM typeB2C
- OfferingServices
Bankit firmographics
Firmographics- Name
- Bankit
- Legal name
- Bankit Microfinance Bank Limited
- Website
- https://bankitafrica.com
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Ownership category
- akta.pro rank
Bankit industry classification
Industry- Product category
- Digital Banking
- NAICS
- Depository Credit Intermediation (5221)
- SIC
- Functions Related To Depository Banking, Nec (6099)
- akta.pro primary industry
- Digital Retail Banking (Online & Mobile) (FSABAAAF)
- akta.pro secondary industry
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)
Keywords
Where Bankit is headquartered
LocationHeadquarters
- HQ city
- Isolo
- HQ country
- Nigeria
- HQ region
- Africa
Offices1 record
Markets served
Bankit business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others
Revenue model
- Transaction and Transfer Fees: Bankit generates revenue from transaction fees on transfers above ₦10,000 threshold. Transfers below ₦10,000 are free with zero fees, while higher-value transfers likely incur fees that contribute to revenue. The platform also monetizes through debit card transactions, bill payment processing fees, and cashback rewards programs that drive transaction volume.
- Bill Payment Services: Revenue generated from processing bill payments including utilities, airtime, data, cable TV, and other recurring bills. Bankit charges processing fees for each bill payment transaction completed through the platform.
- Debit Card Services: Bankit issues a physical debit card linked to user accounts. Revenue is generated from card transaction fees and interchange income when the card is used at ATMs, POS terminals, and for online transactions.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Free tier with zero fees on small transfers |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Bankit product offering
Product offeringCore offering
Bankit is a mobile-first digital banking platform operated by Bankit Microfinance Bank Limited, a CBN-licensed and NDIC-insured Nigerian microfinance bank. The platform offers instant 60-second account opening linked to a phone number, free transfers to any Nigerian bank below ₦10,000, private peer-to-peer transfers that hide personal details, consolidated bill payments (utilities, airtime, data, cable TV), savings management, a cashback/rewards program, and a physical debit card for offline and online spending.
Product overview
Bankit is a single unified digital banking platform for Nigerians, comprising a core mobile app with integrated services including instant account creation, free domestic transfers, bill payments, savings management, and a debit card. The platform's key modules include Earn Rewards (loyalty program), Fast Transfer (instant peer-to-peer payments), Pay Bills (consolidated bill payment), and Private Transfer (discreet transactions with hidden personal details). The ecosystem is designed around mobile-first banking with transparent pricing and regulatory compliance.
Differentiator
Problem solved
Functional benefit
Products and services
- Bankit App A mobile digital banking application that enables instant transfers, secure payments, bill payments, savings management, and cashbacks without hidden fees for Nigerian consumers and small businesses. Available on iOS and Android.
- Bankit Debit Card A physical debit card linked to a user's Bankit account, providing control and confidence when spending at POS terminals, ATMs, and online merchants.
- Fast Transfer A seamless instant money transfer service that enables users to move funds to any Nigerian bank instantly, with private and secure transaction capabilities. Free for transfers below ₦10,000.
- Pay Bills A consolidated bill payment service allowing users to pay utilities, airtime, data, cable TV, and other recurring bills from a single platform.
- Earn Rewards
Quantifiable outcome
- Over 30,000 users acquired since official launch in November 2024
- +2 more outcomes
Companies that use Bankit
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles2 records
Bankit technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Bankit partnerships and signals
Strategic signalScale indicators5 records
Recent moves4 records
Expansion highlights4 records
Bankit competitors and assessment
Company assessmentDirect peers
- Kuda Bank: Kuda is a CBN-licensed digital retail bank in Nigeria offering mobile-first current accounts, transfers, savings, and debit cards. It is a direct comparable as a licensed, app-only Nigerian neobank serving similar consumer and small-business segments.
- OPay: OPay is a Nigeria-based mobile payments and digital banking platform offering transfers, bill payments, debit cards, and savings. It is the most directly comparable peer given shared product set, target market (Nigerian consumers and SMEs), and mobile-first distribution.
- PalmPay: PalmPay is a Nigerian-licensed mobile money operator offering transfers, bill payments, savings, and debit cards via a smartphone app. It targets the same underbanked Nigerian consumers and competes head-to-head with Bankit on free transfers and cashback rewards.
- FairMoney: FairMoney is a Nigerian digital lender and banking platform offering nano-loans, savings, transfers, and bill payments to consumers and small businesses. It overlaps with Bankit on the Nigerian retail-banking and payments surface, with adjacent lending offerings.
- Moniepoint: Moniepoint (formerly TeamApt) is a Nigerian digital banking platform focused on SMEs, agents, and merchants with POS and mobile money services. It competes directly with Bankit for Nigerian small-business banking customers and high-volume traders.
- Carbon (formerly Paylater): Carbon is a Nigerian digital lending and personal-finance platform with a CBN-licensed MFB (Carbon Microfinance Bank). It is directly comparable as a licensed microfinance bank offering payments, savings, and credit to Nigerian consumers through a mobile app.
- Moniepoint Microfinance Bank: Moniepoint Microfinance Bank Limited is the licensed entity behind Moniepoint's platform. As a CBN-licensed microfinance bank competing for Nigerian retail and SME deposits, it is one of the closest structural comparables to Bankit Microfinance Bank Limited.
Regional players
- TymeBank: TymeBank is a South African digital retail bank serving mass-market consumers with mobile-first onboarding, low-fee accounts, and basic banking. It is a relevant regional comparable on digital retail-banking model and underbanked-segment strategy, though it operates in a different geography.
- Chipper Cash: Chipper Cash is a pan-African digital payments platform serving multiple African countries including Nigeria, with P2P transfers, bill pay, and crypto on/off-ramp. It competes with Bankit on cross-border and domestic transfers in Nigeria but operates across additional markets.
Emerging players
- Sparkle (now part of Moniepoint): Sparkle was a Nigerian digital banking app for individuals and SMEs offering payments, savings, and bill pay. It overlaps with Bankit on product scope and target market and is a useful benchmark for traction of CBN-licensed digital-only banks in Nigeria.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Bankit social profiles
Digital presenceBankit compliance and trust
Trust signalCompliance2 records
Bankit financial estimates
Financial estimateRevenue estimate
Valuation estimate
Bankit leadership team
Management profileNumber of profiles
Bankit funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Bankit M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Bankit
What does Bankit do?
Bankit is a mobile-first digital banking platform operated by Bankit Microfinance Bank Limited, a CBN-licensed and NDIC-insured Nigerian microfinance bank. The platform offers instant 60-second account opening linked to a phone number, free transfers to any Nigerian bank below ₦10,000, private peer-to-peer transfers that hide personal details, consolidated bill payments (utilities, airtime, data, cable TV), savings management, a cashback/rewards program, and a physical debit card for offline and online spending.
Is Bankit a public or private company?
Bankit is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Bankit founded?
Bankit was founded in 2023. It employs 51 to 100 people.
Where is Bankit based?
Bankit is headquartered in Isolo, Nigeria, in the Africa region.
How does Bankit make money?
Three revenue lines are on record. Transaction and Transfer Fees are the primary driver. The others are bill Payment Services and debit Card Services.
Who are Bankit's main competitors?
Direct peers on record are Kuda Bank, OPay, PalmPay, FairMoney, Moniepoint, Carbon (formerly Paylater) and Moniepoint Microfinance Bank. Regional players are TymeBank and Chipper Cash. Sparkle (now part of Moniepoint) is listed as an emerging player.
Does Bankit have an API?
No public API is recorded for Bankit.
What industry is Bankit in?
Bankit's product category is Digital Banking. Its primary akta.pro industry code is FSABAAAF, Digital Retail Banking (Online & Mobile), with a secondary code of FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings). Its NAICS code is 5221 and its SIC code is 6099.