Nigeria-based Rex Africa has launched an AI-native bank, powered by Rex Microfinance Bank, with an AI financial agent called Rex Atlas.
The company says the bank runs on proprietary technology, with AI built into the product from the start rather than added later as a separate feature. The main part of the offering is Rex Atlas, a live AI-powered agent that customers use through conversation. They can analyse their financial history and get personalised guidance on saving, investing, accessing credit, managing risk, and protecting their wealth.
Product suite for individuals and businesses
Alongside the agent, Rex offers a set of retail and business banking products. For individuals, RexSave provides flexible savings, RexVault offers returns on fixed-term savings, RexFlex gives access to credit, and RexCard handles everyday payments. For businesses, RexPOS supports payment acceptance and RexCredit covers SME and corporate financing. The company is targeting customers at several stages of their financial lives, from students and first-time earners to salaried workers, entrepreneurs, and growing businesses.
The products run on RexCore, the company’s proprietary banking infrastructure. Opeyemi Emmanuel, Chief Technology Officer at Rex Africa, said RexCore forms the infrastructure layer, while Rex Atlas supplies the intelligence that makes the service personalised and conversational. Beyond the consumer app, the wider Rex ecosystem includes an operating microfinance bank, an established lending business, and a live BaaS portal. Built on RexCore, the portal supports customer accounts, collections, and payouts.
Regulatory framework
Rex is operated by Rex Microfinance Bank Limited, which is licensed and regulated by the Central Bank of Nigeria (CBN). Eligible deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC), subject to applicable coverage limits. The company states that it complies with relevant regulatory and data protection requirements, and that it has measures in place to protect customer data and support the secure use of its AI-powered services.
Financial inclusion context
The launch comes as Nigeria’s formal financial system continues to expand. According to the 2026 Access to Financial Services in Nigeria (A2F) survey by Enhancing Financial Innovation & Access (EFInA), financial inclusion rose from 64% in 2023 to 73% in 2026. The same research suggests that only about one in four Nigerian adults is considered financially healthy. Rex argues that this gap shows that having an account does not necessarily translate into using savings, credit, or investment products.
The company frames its model as a step beyond earlier phases of banking. In its view, traditional and commercial banks broadened access, and digital-first platforms moved banking onto mobile phones, but customers were still left to make spending and saving decisions largely on their own. Rex also points to continued demand from businesses for better tools to manage cash flow, collections, and financing.
Yinka Odeleye, Founder of Rex Africa, said the company’s premise is that banking should do more than move money. In his view, it should understand customers and help them manage, protect, and grow their wealth.
Nigeria remains Rex’s immediate priority. The company plans to drive digital adoption by combining its technology with knowledge of local customers, communities, and businesses.
