Bankit Microfinance Bank has officially transitioned to WayvePay, unveiling a new digital banking and payments identity as it looks to expand beyond its existing proposition and compete for a larger role in Nigeria's growing digital financial services market.

The transition takes effect September 18, 2026, under the new positioning “WayvePay — Banking & Beyond.”

The company says the change is more than a name and visual identity update. It is intended to mark the next phase of its digital banking strategy, with new technology, additional banking channels, enhanced security features and a broader range of financial services for individuals, entrepreneurs and businesses.

WayvePay says it is building on the infrastructure and customer base developed under Bankit while expanding the platform around payments, transfers, savings, cards, money management and business banking.

From Bankit to WayvePay

According to Kingsley Ezenwa, Head of Corporate Communications and Marketing, the new identity reflects the company's ambition to create a more comprehensive digital financial platform.

He described WayvePay as the next stage of the company's evolution, with the platform intended to help customers save, transfer money, make payments and manage their finances through a more integrated digital experience.

That positioning is important because the Nigerian fintech market has moved beyond simply offering digital accounts and transfers.

Consumers increasingly expect financial platforms to combine payments, savings, cards, business tools and customer support in one experience.

WayvePay is positioning itself around that broader model.

More than a new logo

The transition comes with changes to the platform's digital experience.

WayvePay says customers will have access to savings products, transfers, digital payments, cards and business banking services.

The mobile application is also being enhanced with features including multiple themes, in-app banners and notifications intended to create a more personalised experience.

The company says it is also working to make transfers, payments and card transactions faster and smoother.

These changes are part of an attempt to make the platform less like a conventional banking interface and more like an integrated financial-management tool.

AI moves into customer support

One of the more notable additions is AI-powered customer support.

WayvePay says the technology will help customers with routine banking questions, onboarding difficulties and common transaction issues.

More complex or sensitive cases will be escalated to authorised human support personnel.

That distinction matters in financial services.

While AI can potentially reduce the time required to answer routine questions, banking support also involves account access, financial information and potentially sensitive transactions.

WayvePay's approach therefore combines automated assistance with escalation for issues requiring human intervention.

The company says it plans to continue investing in artificial intelligence as part of its broader digital banking strategy.

AI is also being used for security

WayvePay says AI will not only be used to interact with customers.

The platform is also introducing AI-enhanced security and transaction monitoring designed to identify unusual transaction patterns and potentially suspicious activity.

The technology is intended to complement existing security procedures by helping authorised teams identify and respond to potential risks more efficiently.

For digital banks, transaction monitoring is becoming increasingly important as more financial activity moves onto mobile and online channels.

However, the presence of AI does not eliminate the need for conventional security controls, customer verification and human oversight.

WayvePay's announcement describes the technology as an enhancement to existing processes rather than a replacement for them.

USSD brings WayvePay beyond the smartphone

Another major component of the transition is the launch of a dedicated USSD banking channel: *347*271#.

The channel gives customers another way to access essential banking services without depending entirely on the mobile application or an internet connection.

That could be particularly relevant in Nigeria, where smartphone ownership and reliable internet access are not evenly distributed.

USSD also remains familiar to customers who prefer simple mobile banking services that work across a wider range of devices.

WayvePay says the channel is intended to support financial inclusion by providing access for customers with limited data, weaker connectivity or a preference for USSD banking.

Targeting entrepreneurs and businesses

WayvePay is also expanding its focus beyond individual consumers.

The company says its services will target entrepreneurs and small businesses through tools covering payments, transfers, savings, cards and business banking.

That puts the platform into a crowded Nigerian market where fintechs and banks are competing for small-business customers who need more than basic current accounts.

For many small businesses, payments and money management are closely connected to day-to-day operations.

A platform that combines those services can potentially reduce the number of separate financial tools a business needs to manage.

The challenge for WayvePay will be turning that broader product offering into a compelling proposition in a market already populated by banks, digital banks and payment companies.

Why the rebrand matters

Nigeria's digital financial-services market has changed significantly in recent years.

Consumers have become accustomed to opening accounts remotely, transferring money through apps, paying bills digitally and using virtual or physical cards.

At the same time, businesses increasingly expect financial platforms to provide payment infrastructure and tools for managing transactions.

That means simply being “digital” is no longer a major differentiator.

WayvePay's rebrand appears to acknowledge that shift.

Its “Banking & Beyond” positioning suggests the company wants to compete on the breadth of services surrounding the bank account rather than the account itself.

The transition therefore represents a strategic repositioning as much as a branding exercise.

What stays the same?

Despite the new identity, WayvePay says the transition builds on the foundation established by Bankit.

The company has emphasised continuity in its commitment to customers while introducing the new brand, technology and services.

That distinction is important for existing customers.

A rebrand can create uncertainty around account access, balances, cards, transaction history and support channels.

WayvePay's announcement presents the change as an evolution of the existing platform rather than the creation of an entirely separate financial institution.

Customers should nevertheless rely on the company's official communication channels for any specific instructions concerning app updates, account access or security.

The competition is moving beyond payments

The bigger story is the direction of Nigeria's fintech industry.

The market has evolved from a race to provide simple transfers and payment services into a much broader competition around financial management.

Savings, credit, cards, business banking, international payments, customer support and fraud prevention are increasingly becoming part of the same digital experience.

WayvePay's strategy fits into that wider shift.

Its challenge will be demonstrating that the additional technology actually improves customer outcomes rather than simply adding more features to an already crowded fintech landscape.

The introduction of AI-powered support and transaction monitoring could help if the systems reduce response times and identify suspicious activity effectively.

The USSD channel could also broaden access beyond customers who are comfortable using smartphone apps.

A new phase for Bankit's digital strategy

The September 18 transition gives WayvePay a new identity and a broader product narrative.

But the success of the rebrand will ultimately depend on execution.

Customers will judge the platform by whether transfers work reliably, savings products deliver what they promise, support responds when problems occur and security systems protect accounts without creating unnecessary friction.

For WayvePay, the opportunity is to turn the “Banking & Beyond” slogan into a genuinely broader financial-services platform.

The company now has to prove that the technology, AI capabilities, additional channels and expanded product range can translate into a better everyday banking experience for Nigerians.

Bankit's move to WayvePay reflects a bigger change happening across Nigerian fintech: the digital bank is becoming more than an app for moving money.

The interesting part of this transition isn't the new name.

It is the attempt to combine banking, payments, savings, business services, AI-powered support, security monitoring and USSD access under one proposition.

That creates an opportunity, but also a tougher competitive environment.

In a market where customers already have many choices, having more features will not automatically create loyalty. The real differentiator will be reliability, security, pricing and how well those features actually solve customers' everyday financial problems.

WayvePay is now betting that “Banking & Beyond” can turn Bankit's existing foundation into a broader digital financial platform.