OurPass, a neobank under the Tekedia Capital portfolio, has recently achieved a significant milestone by acquiring a Microfinance Banking (MFB) license from the Central Bank of Nigeria (CBN).
This acquisition marks an important step in OurPass’s journey towards expanding its range of financial services and reaching a broader customer base in Nigeria.
With the MFB license, OurPass can now provide a wider array of financial products and services. This includes savings accounts, loans, and other banking services typically offered by microfinance institutions. The license empowers OurPass to operate more comprehensively within the financial sector, supporting financial inclusion efforts in Nigeria.
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“We have done all the major integrations, we are left with one last integration with the Nigeria Interbank Settlement System (NIBSS). We are focusing on giving credits for large corporates, focusing on inventory financing, Asset financing, and invoice discounting”, said Samuel Eze, the company’s CEO.
OurPass acquisition of the MFB license is coming after the company had secured approval in principle (AIP) for a new MFB in January 2024. It also undertook a recapitalization and assumed the liabilities and assets of Fasildapo MFB, an existing microfinance banking entity, and submitted its new name to the Central Bank of Nigeria (CBN).
The Neobank expansion into microfinance banking is a strategic move to tap into a broader market segment, enhance customer engagement, and increase market share. The MFB license enables OurPass to target underserved and unbanked populations, offering them access to essential banking services. By leveraging technology, OurPass aims to provide convenient and affordable financial solutions to individuals and small businesses, thereby fostering economic growth and inclusion.
When fully operational, OurPass will compete in Nigeria’s business banking space with established players Brass, Moniepoint, and Prospa. Unlike its competitors that primarily have a digital presence, OurPass plans to build a physical presence in all 774 local government areas across Nigeria. Notably, the company will establish a presence in business cluster areas like Computer Village and open markets, the CEO said in a chat with Techcabal
About OurPass:
OurPass is a digital banking platform designed to simplify banking experiences for its users. As a neobank, it offers digital-first services that eliminate the need for traditional banking infrastructure, providing a seamless and user-friendly experience.
The platform is part of Tekedia Capital’s investment portfolio, which focuses on backing technology-driven companies with the potential to create significant impact. OurPass is playing an important role in ensuring that MSMEs reach their full potential by addressing the significant challenges they face, which are access to funding and tools to help them manage their business efficiently.
The platform is trusted by thousands of businesses across Nigeria and has partnered with big companies such as Mint, smileys, payporte, medplus, and Film House, amongst others. OurPass vision is to transform how commerce is done by empowering businesses everywhere to transcend all limits and achieve success.