Bloc Microfinance Bank (Bloc MFB), a subsidiary of BlocHQ Limited, has received an approval-in-principle from the Central Bank of Nigeria (CBN) to commence banking operations in Lagos, Nigeria. In an official statement, CEO and co-founder Edmund Olotu confirmed this significant development, marking a crucial milestone for the financial institution.
The approval-in-principle granted by the CBN authorizes Bloc MFB to integrate with the Corporate Affairs Commission (CAC) and finalize the necessary steps to secure its Microfinance Bank license. This achievement signals a pivotal step forward in Bloc’s evolution as a provider of financial services.
Edmund Olotu, CEO and co-founder of Bloc MFB expressed, “This milestone indicates that we have met all regulatory requirements and received the green light from the CBN to proceed with the necessary operations for finalizing the license acquisition process.”
This approval represents a significant advancement for Bloc Microfinance Bank, positioning it to redefine banking experiences through innovative technology and operations driven by compliance.
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Bloc has been actively delivering proprietary banking services since January 2021, offering a banking-as-a-service infrastructure that seamlessly integrates banking and payment services into customer applications. With a focus on enhancing accessibility, Bloc recently introduced a business banking product in private beta to its existing clientele.
In its commitment to compliance and delivering high-quality banking services, Bloc collaborated closely with regulatory authorities to secure its banking license through Bloc Microfinance Bank. The attainment of this milestone underscores Bloc’s adherence to all regulatory requirements and its preparedness to move forward to the final stages of the licensing process.
The Microfinance Bank license obtained by Bloc opens up new possibilities for its banking infrastructure, allowing the issuance of proprietary virtual account numbers with advanced features for various use cases. This enhancement is poised to revolutionize fund transfers to and from virtual bank accounts, enhancing the overall banking experience for customers. Importantly, all virtual bank accounts under Bloc MFB will be covered by deposit insurance from the Nigeria Deposit Insurance Corporation, emphasizing the company’s commitment to full compliance.
Edmund Olotu expressed optimism about the future, stating, “This achievement sets the right tone for Bloc as a financial technology company, positioning us on the path to global success.”
While celebrating this milestone, Bloc remains dedicated to nurturing existing partnerships with Tier-1 partner banks, providing startups and engineering teams with increased integration options for virtual account services.
Conclusion
As the licensing process nears its conclusion, Bloc assures stakeholders of transparent communication regarding any enhancements or modifications to its products and services.
This pivotal moment underscores Bloc Microfinance Bank’s commitment to fostering innovation in the financial technology space while upholding regulatory standards and ensuring a seamless and secure banking experience for its customers.
