Nigerian Neobank OurPass Obtains an MFB License Expanding Its Range of Banking Services For Customers
OurPass, Nigerian Neobank that provides businesses with access to banking, payment and business management tools is set to obtain a microfinance banking (MFB) license from the Central Bank of Nigeria (CBN) in the coming weeks.
This move will enable the startup to expand its offerings and provide a wider range of financial services independently, rather than relying on third-party partnerships.
In January 2024, the company received approval in principle (AIP) for a new microfinance bank, OurPass MFB. Additionally, it underwent recapitalization and assumed the assets and liabilities of Fasildapo MFB, an established microfinance banking entity. The company has also submitted its new name to the Central Bank of Nigeria (CBN).
OurPass offers complimentary business bank accounts, loans, and a suite of tools, including free invoice generators and team management solutions, aimed at assisting entrepreneurs in managing their businesses.
Obtaining an MFB license will necessitate the startup to enhance its loan portfolio, which currently focuses on invoice financing. The company emphasized its commitment to closely monitoring these loans, recognizing the challenges associated with lending in the Nigerian market.
Launched in 2021, OurPass has so far transitioned from a One-Click Checkout company to Business Banking. Today, it has become a global neobank for businesses revolutionising commerce in Nigeria. The company is providing businesses with access to banking, payment and business management tools to enable them start, grow and scale their businesses.
In addition, OurPass provides a quick invoicing tool to keep businesses organized and help them get paid on time, and is building out its inventory, storefront and digital tag systems.
The company is on a mission to create a borderless world of successful businesses, with the committeemen that to making it easier for businesses, irrespective of size and location, to gain access to banking services.
