Tolulope Akinwale Iluyomade, the visionary behind Shanono Microfinance Bank, is leading the role of financial aggregators in expanding access to essential banking services through partnerships with fintech platforms. Recognizing the limitations of traditional banking institutions, particularly in reaching remote areas, Iluyomade hammers on the need to leverage on technology and the growing internet penetration to empower individuals to become financial aggregators.
In today’s digital age, the use of smartphones and widespread internet access have created opportunities for more people to plug into the financial ecosystem. Iluyomade maintains the fact that financial aggregators can play a crucial role in bridging the gap between traditional banking services and the unbanked population. These aggregators, equipped with the right tools and platforms, can offer a range of services, including opening bank accounts, facilitating transfers (even for those without smartphones), issuing debit cards, providing POS systems, and processing cash deposits.
By bypassing middlemen agencies and financial establishments, aggregators can provide direct banking services, which not only enhances financial inclusion but also creates income-generating opportunities for the aggregators themselves.
Right at the front of this movement is BankIt, a core banking application launched by Shanono Microfinance Bank under Iluyomade’s leadership. BankIt is designed to be a solution that integrates seamlessly with both financial institutions and unlicensed entities interested in offering financial services, such as loyalty and residency cards. This platform allows aggregators to become their own bankers, enabling them to process cross-border payments and provide banking services to the unbanked population.
One of the features of BankIt is its capability to facilitate cross-border banking transactions. Aggregators using BankIt can help users set up instant foreign accounts without leaving their locality, making international financial transactions more accessible. This feature also opens avenues for international financial organizations to make payments to African users without the need to establish physical operations on the continent.
Tolulope Iluyomade, the Group Managing Director of Shanono Bank claims that BankIt is more than just a banking app; it is a marketplace where various fintech companies can operate, offering more ease to the financial services ecosystem. The platform breaks down language barriers by allowing aggregators to communicate with users in their local languages, making the app more accessible to diverse communities. By enabling individuals to become financial aggregators, BankIt also contributes to reducing unemployment, providing opportunities for those willing to learn and work in the financial sector.
Beyond individual aggregators, BankIt also supports existing systems and associations, such as traders’ unions, that need to issue prepaid cards to their members for identity, payments, and general disbursements. The platform serves as a middle ground for facilitators and beneficiaries of private and government programs, allowing facilitators to register beneficiaries, disburse funds, and track payments effectively. Additionally, BankIt provides tools for reviewing beneficiaries’ activities with loans and grants, ensuring transparency and accountability in financial transactions.
Tolulope Akinwale Iluyomade’s advocacy for financial aggregators partnering with platforms like BankIt is poised to revolutionize the way banking services are delivered in Nigeria and beyond. By empowering individuals and communities, BankIt is set to drive financial inclusion, enable economic growth, and create a more connected and accessible financial ecosystem.
ILUYOMADE ADVOCATES FOR FINANCIAL AGGREGATORS TO PARTNER WITH FINTECH PLATFORM BANKIT

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