Afrigather OurPass, the e-commerce one-click checkout firm that pivoted to business banking in June 2022, will purchase a microfinance banking (MFB) licence from the Central Financial institution of Nigeria within the coming weeks, permitting the startup to supply a broader vary of monetary providers as an alternative of counting on third-party partnerships.
“It’s one factor to be a monetary providers supplier, and it’s one other factor to be a banking service supplier. OurPass will begin offering these banking providers in weeks,” mentioned Samuel Eze, the corporate’s CEO.
The corporate secured approval in precept (AIP) for a brand new MFB—OurPass MFB—in January 2024. It additionally undertook a recapitalisation and assumed the liabilities and belongings of Fasildapo MFB, an present microfinance banking entity, and submitted its new identify to the Central Financial institution of Nigeria (CBN).
OurPass gives free enterprise financial institution accounts, loans, and instruments, together with free bill turbines and staff administration instruments, to assist them handle their companies.
An MFB licence will imply the startup has to ramp up its mortgage providing, which is presently restricted to bill financing. The corporate mentioned it might monitor these loans intently, acknowledging the issue of lending within the Nigerian market.
And whereas it’s nonetheless early days, the corporate has already set its sights on turning into worthwhile rapidly.
“Once we ventured into enterprise banking in June/July 2022, we entered the sector with zero funds. However earlier than the top of the 12 months, all issues being equal, we should always change into worthwhile,” Eze shared.
