OurPass, the e-commerce one-click checkout company that pivoted to business banking in June 2022, will acquire a microfinance banking (MFB) licence from the Central Bank of Nigeria in the coming weeks, allowing the startup to offer a broader range of financial services instead of relying on third-party partnerships.

“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,” said Samuel Eze, the company’s CEO.

The company secured approval in principle (AIP) for a new MFB—OurPass MFB—in January 2024. It also undertook a recapitalisation 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).


OurPass provides free business bank accounts, loans, and tools, including free invoice generators and team management tools, to help them manage their businesses.

An MFB licence will mean the startup has to ramp up its loan offering, which is currently restricted to invoice financing. The company said it would monitor those loans closely, acknowledging the difficulty of lending in the Nigerian market. 

And while it’s still early days, the company has already set its sights on becoming profitable quickly. 

“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,” Eze shared.

Towobola Bamgbose Intern Reporter
Mariam Muhammad Reporter, TechCabal

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