A New Chapter for OurPass
Nigeria's OurPass has evolved from a one-click e-commerce checkout solution to a business banking provider after securing a Microfinance banking license from the Central Bank of Nigeria. The company is slated to commence operations in September 2024, offering a suite of services tailored for enterprises.
Licensing and Integration: Preparing for Launch
“Our integration process is nearly complete, with just one remaining step involving the NIBSS [Nigeria Interbank Settlement System],” stated Samuel Eze, CEO of OurPass. This milestone sets the stage for OurPass to enter the Nigerian business banking landscape.
Aiming for Market Leadership
Upon its launch, OurPass will compete with established players like Brass, Moniepoint, and Prospa. However, OurPass plans to differentiate itself by targeting large corporations such as Shoprite, Medplus, UAC Foods, and SPAR, focusing on credit facilities for inventory financing, asset financing, and invoice discounting.
Bridging Digital and Traditional Banking
Unlike its digitally-focused competitors, OurPass aims to establish a physical presence in each of Nigeria’s 774 local government areas, concentrating on business hubs and open markets. While details of this expansion remain undisclosed, this strategy highlights OurPass's commitment to accessibility and local engagement.
Banking-as-a-Service and Niche Products
Before the end of the year, OurPass plans to launch its banking-as-a-service platform and develop specialized products for the creative industry. Eze is confident in the startup's potential to achieve profitability within the next year, positioning itself as a hybrid between a traditional bank and a fintech firm.
A Hybrid Approach
OurPass aspires to blend the robustness and financial expertise of traditional banking with the agility and customer-centric approach of fintechs. Eze emphasizes the company’s dedication to sustainability and revenue generation, with a particular focus on optimizing net income ratios. This hybrid model aims to deliver comprehensive financial solutions while maintaining a strong emphasis on customer satisfaction and innovative service delivery.
