Another Bank Set To Begin Operation, CEO Speaks on Plans, Launch Date …C0NTINUE READING HERE >>>
The Central Bank of Nigeria has issued approval for Ourpass to operate as a microfinance bank in Nigeria Unlike Moniepoint, Opay that focus on small business, Ourpass is planning to target large corporates like ShopriteThe latest license from CBN, Ourpass said, will help in enhancing its financial services, including savings
Henzodaily.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
he Central Bank of Nigeria (CBN) has granted license to OurPass, an e-commerce one-click checkout company, to operate as a Microfinance Bank.
This new approval gives OurPass the full authority to expand and create new banking products for its customers.
More competition as OurPass secures approval to become MFB
Photo credt: CBN
Source: Getty Images
Ourpass on new licence
TechCabal reports that OurPass plans to begin operation in September 2024 and will offer business accounts, loans and business management tools for businesses.
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Samuel Eze, the company’s CEO was quoted as saying:
“We have done all the major integrations, we are left with one last integration with NIBSS [Nigeria Interbank Settlement System].
“We are focusing on giving credits for large-corporates, focusing on inventory financing, Asset financing and invoice discounting.
“We are somewhere in between a traditional bank and a fintech. At the heart of our business strategy is sustainance.
“We are constantly thinking about revenue. We are now focused on achieving the best net income ratio.”
Eze also said that the bank plans to establish presence in business cluster areas—like computer village—and open markets.
How OurPass will operate
When fully operational, OurPass will compete in Nigeria’s business banking space with established players such as Brass, Moniepoint, and Prospa. Unlike its competitors, which primarily serve small businesses, OurPass will focus on large corporations like Shoprite, Medplus, UAC Foods, and SPAR.
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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 specialized products for creatives.
CBN releases new rules for banks
Henzodaily.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.
Source: Henzodaily.ng
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