Five months after securing an approval in principle, OurPass, the e-commerce one-click checkout company that pivoted to business banking, has acquired a Microfinance banking licence from Nigeria’s Central Bank. When it begins operation in September 2024, OurPass will offer business accounts, loans and business management tools for businesses.
“We have done all the major integrations, we are left with one last integration with NIBSS [Nigeria Interbank Settlement System], “ said Samuel Eze, the company’s CEO.
When fully operational, OurPass will compete in Nigeria’s business banking space with established players Brass, Moniepoint, and Prospa. Unlike its competitors that primarily serve small businesses, Ourpass will focus on large corporates like Shoprite, Medplus, UAC Foods and SPAR.
“We are focusing on giving credits for large-corporates, focusing on inventory financing, Asset financing and invoice discounting. “
While its competitors primarily have digital presence, OurPass will build physical presence in all 774 local government areas across Nigeria. The bank will establish presence in business cluster areas—like computer village—and open markets, according to Eze, who declined to share specifics about the implementation.
OurPass will release its banking-as-a-service product before the end of the year and also create a specialised products for creatives. Eze claims the startup will be profitable within the next 12 months.
“We are somewhere in between a traditional bank and a fintech.”
While established banks prioritise revenue, excel in risk management and governance, neobanks have redefined customer experience and operational efficiency. OurPass says it will offer the reliability and financial prudence of a traditional bank alongside the speed and user-centricity of 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.”
