The Central Bank of Nigeria (CBN) has granted a banking license to OurPass, an e-commerce one-click checkout company, to operate as a Microfinance Bank.
The new approval gives OurPass the full authority to create new customer banking products and makes it the latest bank in Nigeria.
TechCabal reports that OurPass said it plans to begin operation in September 2024 and will offer business accounts, loans and business management tools for businesses.
Samuel Eze, the companyâs CEO, was quoted as saying:
Eze also noted the bank plans to establish a presence in business cluster areas like computer village and open markets.
When fully operational, OurPass will compete in Nigeriaâs business banking space with established players such as Brass, Moniepoint, and Prospa.
Unlike its competitors, which primarily serve small businesses, OurPass targets large corporations like Shoprite, Medplus, UAC Foods, and SPAR.
While its competitors primarily have a digital presence, OurPass will build a physical presence in all 774 local government areas across Nigeria.
OurPass plans to release its banking-as-a-service product before the end of the year and create specialised products for creatives.
TimesNow.com.ng earlier reported that the CBN released a new guideline for financial institutions interested in converting or re-categorising their licenses.
Zenith, Access, First Bank, FCMB, Sterling, and GTB were among top financial institutions that have transitioned to holding companies in recent months.
There were reports that many fintech companies were pushing towards becoming full-fledged digital banks, offering microfinance services.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
