Nigerian NeoBank OurPass Acquires MFB License From CBN to Offer Comprehensive Financial Services
OurPass, a Nigerian neobank providing businesses of all sizes with access to every banking, payment, and business management tool they need, has obtained a Microfinance Banking (MFB) license from the Central Bank of Nigeria.
Set to launch operations in September 2024, OurPass aims to offer comprehensive financial services, including business accounts, loans, and business management tools.
The company’s CEO, Samuel Eze, highlighted that all major system integrations have been completed, with only one final integration with the Nigeria Interbank Settlement System (NIBSS) pending. However, unlike its competitors, which primarily target small businesses, OurPass plans to focus on large corporates.
The platform offerings will include credit facilities for large corporates, specifically targeting inventory financing, asset financing, and invoice discounting. Additionally, the company intends to establish a physical presence in all 774 local government areas across Nigeria, particularly in business hubs and open markets, setting it apart from competitors who largely operate digitally.
Furthermore, OurPass plans to introduce a banking-as-a-service product before the end of the year and develop specialized products tailored for creatives.
Source: Techcabal
