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OurPass, the e-commerce platform renowned for its one-click checkout feature and recent foray into business banking, is set to broaden its financial services by acquiring a microfinance banking (MFB) license from the Central Bank of Nigeria in the upcoming weeks.
CEO Samuel Eze expressed the company’s commitment to enhancing its services, stating, “It is one thing to be a financial services provider, and it is another thing to be a banking service provider. OurPass will start providing those banking services in weeks.”
Having received approval in principle (AIP) for a new MFB—OurPass MFB—in January 2024, the company has diligently worked towards this milestone. As part of the process, OurPass has undergone recapitalization and assumed the liabilities and assets of Fasildapo MFB, an existing microfinance banking entity, while also submitting its new name to the Central Bank of Nigeria (CBN).
OurPass is renowned for offering free business bank accounts, loans, and an array of tools such as free invoice generators and team management tools to aid businesses in their operations.
With the acquisition of the MFB license, OurPass aims to expand its loan offerings, currently limited to invoice financing. Recognizing the challenges of lending in the Nigerian market, the company plans to closely monitor these loans to ensure responsible lending practices.
Despite being in the early stages of this transition, OurPass remains optimistic about its financial prospects. Eze shared, “When we ventured into business banking in June/July 2022, we entered the field with zero funds. But before the end of the year, all things being equal, we should become profitable.”
This move underscores OurPass’s commitment to providing comprehensive financial solutions to its customers while positioning itself as a key player in the evolving fintech landscape of Nigeria.
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