Five months after receiving an initial approval, OurPass, a company that transitioned from a one-click e-commerce checkout solution to business banking, has obtained a Microfinance banking license from the Central Bank of Nigeria. Scheduled to commence operations in September 2024, OurPass aims to provide business accounts, lending services, and business management tools tailored for enterprises.
“Our integration process is nearly complete, with just one remaining step involving the NIBSS [Nigeria Interbank Settlement System],” stated Samuel Eze, CEO of OurPass.
Upon launch, OurPass will enter the competitive Nigerian business banking sector, challenging established entities such as Brass, Moniepoint, and Prospa. However, OurPass intends to differentiate itself by catering to large corporations, including Shoprite, Medplus, UAC Foods, and SPAR, with a focus on providing credit facilities for inventory financing, asset financing, and invoice discounting.
In contrast to its digitally-focused competitors, OurPass plans to establish a physical footprint in each of Nigeria’s 774 local government areas, targeting business hubs and open markets. Eze has kept the details of this expansion under wraps.
Before the year’s end, OurPass is set to unveil its banking-as-a-service offering and develop niche products for the creative industry. Eze is confident that the startup will achieve profitability within the next year, positioning itself as a hybrid between a conventional bank and a fintech firm.
OurPass aspires to blend the robustness and financial acumen of traditional banking with the agility and customer-centric approach of fintechs. Eze emphasizes the company’s commitment to sustainability and revenue generation, with a keen focus on optimizing net income ratios.
