The present invention relates to a method for electroless deposition of a bendable nickel-phosphorous alloy layer onto flexible substrates such as flexible printed circuit boards and the like. The nickel-phosphorous alloy layer is deposited from an aqueous plating bath comprising nickel ions, hypophosphite ions, at least one complexing agent and a grain refining additive selected from the group consisting of formaldehyde and formaldehyde precursors. The nickel-phosphorous alloy layers obtained have a columnar microstructure oriented perpendicular to the flexible substrate and are sufficiently bendable.