OurPass: Nigerian Bank Traps Customers’ Funds Worth Millions of Naira Amid CBN License Approval

OurPass, a Nigerian microfinance bank, trapped customers' funds worth millions of Naira despite receiving approval for a license from the Central Bank of Nigeria. One customer, Kanyinsola, was initially impressed by the bank's vision but later faced difficulties when attempting to withdraw funds for business transactions.

Another customer, John, also experienced issues with the bank, leading to frustration and a lack of access to his funds. Despite promises of business accounts and management tools, customers like Kanyinsola and John found themselves unable to access their money.

The bank's founder, Samuel Eze, has not responded to allegations of mismanagement, and reports suggest that the company may have bullied workers, leading to a high turnover rate. Additionally, the Nigerian fintech unicorn Moniepoint recently acquired a microfinance bank in Kenya, signaling further expansion in the region.